Chandigarh-based Surya Pharmaceutical Limited is likely to hit the market with its right issue by May this year to mop up around Rs 100 crore. Besides, the company has also plans to raise Rs 300 crore through Global Depository Receipt (GDR) or American Depository Receipt (ADR). The proceeds from the issues would be utilised to fuel its business plan, which involves setting up a new manufacturing unit near Chandigarh with an investment of Rs 500-600 crore.
Speaking to Business Standard, Surya Pharmaceutical Limited, Chairman and MD Rajiv Goyal said, “We have plans to set up a new unit near Chandigarh with an investment of Rs 500-600 crore. The proposed unit will manufacture cardio-vascular products, CNS products, hormonal products and steroids. So far funding is concerned, it would be through internal accruals, right issue, ADR or GDR. We plan to mop up around Rs 100 crore through right issue, and Rs 300 crore through GDR or ADR. Very soon we are going to file to Sebi for right issue.”
“We are going to raise money through rights issue in next two months and through GDR or ADR in 4-5 months,” he added.