Mumbai, July 2, 2013: Emcure
Pharmaceuticals Limited (the “Company” or the
“Issuer”) has filed a draft red herring prospectus (the “DRHP”) with the
Securities and Exchange Board of India (“SEBI”) for offering of equity shares
of face value Rs. 10 each (the “Equity Shares”) for cash at a price per Equity Share including a share premium to be determined through
the book building process (the “Issue”). The Issue comprises a fresh issue of
Equity Shares aggregating up to Rs. 3,000
million (the “Fresh Issue”) and an offer for sale of up to 2,513,057 Equity
Shares by certain existing shareholders of the Company.
In terms
of Rule 19(2)(b)(ii) of the Securities Contracts (Regulation) Rules, 1957, as
amended (the “SCRR”), the Issue is for at least 10% of the post-Issue capital
where the post-Issue capital of the Company calculated at the Issue Price will
be more than Rs. 40,000 million. Not more than 50% of the Issue shall be
available for allocation on a proportionate basis to qualified institutional
buyer (“QIB”) bidders; 5% of the QIB Portion (excluding anchor investor
portion) shall be available for allocation on a proportionate basis to mutual
funds only, and the remainder of the QIB portion shall be available for
allocation on a proportionate basis to all QIBs, including mutual funds,
subject to valid bids being received at or above the Issue price. Further, not
less than 15% of the Issue shall be available for allocation on a proportionate
basis to non-institutional bidders and not less than 35% of the Issue shall be
available for allocation to retail individual bidders, subject to valid bids
being received at or above the Issue price. QIBs (other than anchor investors)
and non-institutional bidders shall participate in the Issue through the
application supported by blocked amount (“ASBA”) process only providing the
details of the bank account which will be blocked by the self certified
syndicate banks to the extent of the bid amount for the same. Retail individual
bidders may also participate in the Issue through the ASBA process.
The Equity Shares
offered in the Issue are proposed to be listed on BSE Limited (“BSE”) and the
National Stock Exchange of India Limited (“NSE”).
The book running
lead managers to the Issue are DSP Merrill Lynch Limited, IDFC Capital Limited
and Morgan Stanley India Company Private Limited.
The Company is a
fast growing Indian pharmaceutical company engaged in developing, manufacturing
and marketing a broad range of pharmaceutical products globally. Its core
strength lies in in-house development and manufacturing of differentiated
pharmaceutical products. The Company focuses its research and development
efforts on developing a portfolio of differentiated products across several
platforms, including chiral molecules, biosimilars and novel drug delivery
systems. The Company commercializes its products through a combination of its own
marketing and distribution infrastructure across geographies as well as
relationships with multi-national pharmaceutical companies.
The Company believes
its competitive advantage in the domestic market lies in its established
presence in all major therapeutic areas. It has a pan India marketing and
distribution presence with a field force of more than 4,800 personnel, as of
March 31, 2013. The Company has a well-diversified income base in terms of
geographies, therapeutic areas and business segments within the pharmaceutical
industry. The Company has its own sales and marketing infrastructure in the
United States through its subsidiary, Heritage. The Company also sells its
portfolio of branded generic products to the rest of world. Its products are
currently shipped to over 65 countries, where it has established its presence
by focusing on important alliances with local and multi-national companies. The
Company has subsidiaries in Brazil, Dubai, Nigeria, Singapore and South Africa and
branch offices in Morocco and Russia, which play an important role in its
international operations. It operates nine manufacturing facilities, eight of
which are located in India and one in the United States. Several of these
facilities have approvals from various regulatory bodies, including the USFDA
and the UK-MHRA. These facilities are capable of producing APIs and
pharmaceutical products encompassing a wide range of dosage forms including
oral solids, oral liquids, soft gelatin capsules and injectables (both liquid
and lyophilized). The manufacturing capability of the Company allows it to
manufacture complex products, including cytotoxic products. The
Company also manufactures products for certain pharmaceutical multi-national companies
and the Company believes that it has emerged as a technologically dependable
and quality conscious company of choice for these companies. The Company is led
by highly qualified and experienced management team and the board of directors.
Disclaimer:
Emcure Pharmaceuticals Limited (the “Company”) is proposing, subject to receipt
of requisite approvals, market conditions and other considerations, to make an
initial public offering of its equity shares comprising a fresh issue and an offer for sale by certain existing
shareholders of the Company and
has filed a draft red herring prospectus ("DRHP") with the Securities
and Exchange Board of India ("SEBI"). The DRHP is available on the
website of SEBI at www.sebi.gov.in; on the websites of the stock exchanges at www.nseindia.com
and www.bseindia.com; and on the respective websites of the book running lead
managers at www.dspml.com, www.idfccapital.com and
www.morganstanley.com/indiaofferdocuments.
Investors should note that investment in equity shares involves a
high degree of risk and for details relating to the same, see the section
"Risk Factors" of the Draft Red Herring Prospectus. Potential
investors should not rely on the DRHP for any investment decision. The Equity
Shares have not been and will not be registered, listed or otherwise qualified
in any other jurisdiction outside India and may not be offered or sold, and
Bids may not be made by persons in any such jurisdiction, except in compliance
with the applicable laws of such jurisdiction. The Equity Shares have not been
and will not be registered under the Securities Act of 1933, as amended (the
“Securities Act”), and may not be offered or sold within the United States
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable U.S. state
securities laws. Accordingly, the Equity Shares are being offered and sold (i)
within the United States to U.S. QIBs in reliance on Rule 144A under the
Securities Act and (ii) outside the United States in reliance on Regulation S
under the Securities Act.
For further details contact: Aryan Rana, Adfactors PR, Ph: +91 9930372436/
09820531932; E-mail: aryan.rana@adfactorspr.com
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