Firstcall to take stake in Nandan Bio

Mumbai-based Firstcall India Equity Advisors Private Limited (FIEA) is set to pick up an equity stake between six and 10 per cent in Hyderabad-based Nandal Agrotech, now rechristened as Nandan Biomatrix Ltd.

The company is planning to expand its activities with a capital outlay of Rs 22.5 crore, out of which Rs 5.6 crore would be through equity participation.

At a joint press conference yesterday, FIEA head V V L N Sastry was upbeat on Nandan Biomatrix's future as it has been venturing into all other areas of related activity. Firstcall is buying the equity at Rs 60 per share of Rs10 face value each.

After the money infusion, the per share evaluation as valued by Firstcall India stands at Rs 350 a share, Nandan Biomatrix MD V Bhaskara Rao said, adding that the company was planning to come out with an IPO next year.