Citi Venture Capital International (CVCI) and Everest Capital (M) Ltd have invested $23.6 million in pharmaceutical major Nectar Lifesciences. While Everest Capital led the round with an invesment of $21.2 million, CVCI has invested $2.36 million. The stake has been sold at a price of Rs 346 per share, as against its closing price today of Rs 359. While Bermuda based Hedge Fund Everest Capital will hold 14.6 % stake, CVCI will hold 1.56% stake. The promoters stake in post issue capital would fall to 54% from 64.5%.
The Chandigarh-based pharma company also plans to raise an additional $50 million through the issue of securities in international markets via GDRs/ ADRs/ or any other international offering. For this, Nectar is alo exploring a listing on overeas exchanges such as NYSE, NASDAQ, LSE, among others.
Nectar will take the approval of shareholders an extra ordinary general meeting on September 16, the company said informing the BSE. The funds raised from Everest and CVCI would be used for working capex, retiring the debt, research & development and strategic investments.
Nectar offers a range of Cephalosporin active pharmaceutical ingredients (APIs) and finished dosage forms. The firm also offers services such as contract research and manufacturing and was one of the fastest growing companies last year with revenues increasing by 66%. The company has revenues of around $200 million. The share price of the company closed at Rs 359 at the end of the day. The company is trading near its one year high of Rs 383.