Chandigarh-based Parabolic Drugs Limited, manufacturer of APIs and API intermediates, proposes to enter the capital markets with an IPO of equity shares to raise resources to the extent of Rs 200 crore .
The price band of the issue is fixed at Rs 75-85 and the IPO opens for subscription on June 14 and closes on June 16 for QIB bidders and on June 17 for retail, non-institutional and eligible employees.
The company intends to utilise the proceeds of the issue towards financing its capital expenditure plans and prepayment of loans. The Company proposes to invest Rs 2,032.08 lakh out of the Net Proceeds of the Fresh Issue, for the establishment of its third multipurpose block in Derabassi (MP III). Further, the company also proposes to utilise Rs 1,603.78 lakh out of the Net Proceeds of the Fresh Issue, for the establishment of the Chachrauli plant (in Haryana) to match to international cGMP specifications.
The company proposes to invest Rs 4,662.36 lakh out of the Net Proceeds of the Fresh Issue, in its subsidiary, Parabolic Research Labs Limited.
Parabolic Labs proposes to establish a new custom synthesis and manufacturing site at IT Park, Panchkula, which would include a custom synthesis site with two dedicated kilo laboratories and 10 laboratories.
