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Eris Lifesciences raises Rs 779.45 crore from anchor investors

Capital Market 

IPO opens today, 16 June 2017

Eris Lifesciences' initial public offering (IPO) committee of the board of directors allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore. The price band of the IPO has been fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO opened for subscription today, 16 June 2017 and closes on 20 June 2017.

The offer comprises offer for sale of 2.89 crore shares. At the lower price band of Rs 600 per share, the issue size works out to Rs 1732.50 crore. At the higher price band of Rs 603, the issue size works out to Rs 1741.16 crore.

The offer for sale of 2.89 crore shares is by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital. The PE transaction of ChrysCapital in August 2011 was a secondary sale by the promoters. ChrysCapital, exiting through the offer for sale, held 16.25% stake prior to the offer at Rs 87 per share. A discount of Rs 60 per share is being offered to eligible employees.

The objects of the issue are to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Eris Lifesciences' consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007 and promoted by Amit Bakshi, Gujarat based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Eris Lifesciences raises Rs 779.45 crore from anchor investors

IPO opens today, 16 June 2017

IPO opens today, 16 June 2017

Eris Lifesciences' initial public offering (IPO) committee of the board of directors allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore. The price band of the IPO has been fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO opened for subscription today, 16 June 2017 and closes on 20 June 2017.

The offer comprises offer for sale of 2.89 crore shares. At the lower price band of Rs 600 per share, the issue size works out to Rs 1732.50 crore. At the higher price band of Rs 603, the issue size works out to Rs 1741.16 crore.

The offer for sale of 2.89 crore shares is by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital. The PE transaction of ChrysCapital in August 2011 was a secondary sale by the promoters. ChrysCapital, exiting through the offer for sale, held 16.25% stake prior to the offer at Rs 87 per share. A discount of Rs 60 per share is being offered to eligible employees.

The objects of the issue are to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Eris Lifesciences' consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007 and promoted by Amit Bakshi, Gujarat based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Eris Lifesciences raises Rs 779.45 crore from anchor investors

IPO opens today, 16 June 2017

Eris Lifesciences' initial public offering (IPO) committee of the board of directors allocated 1.29 crore shares to 37 anchor investors at the higher end of the IPO price band at Rs 603 per share aggregating Rs 779.45 crore. The price band of the IPO has been fixed at Rs 600 to Rs 603 per share of face value of Re 1 each. The IPO opened for subscription today, 16 June 2017 and closes on 20 June 2017.

The offer comprises offer for sale of 2.89 crore shares. At the lower price band of Rs 600 per share, the issue size works out to Rs 1732.50 crore. At the higher price band of Rs 603, the issue size works out to Rs 1741.16 crore.

The offer for sale of 2.89 crore shares is by the selling shareholders comprising the promoters and promoters group Amit Bakshi, Himanshu Shah, Inderjeet Negi, Kaushal Shah, Rajendrakumar Patel, Bhikabhai Shah and Hetal Shah and private equity (PE) investor ChrysCapital. The PE transaction of ChrysCapital in August 2011 was a secondary sale by the promoters. ChrysCapital, exiting through the offer for sale, held 16.25% stake prior to the offer at Rs 87 per share. A discount of Rs 60 per share is being offered to eligible employees.

The objects of the issue are to get the benefits of listing the equity shares on the BSE and the NSE, to enhance visibility and brand image and provide liquidity to the existing shareholders.

Eris Lifesciences' consolidated net profit rose 81.25% to Rs 242.08 crore on 21.43% rise in net sales to Rs 724.98 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Incorporated in 2007 and promoted by Amit Bakshi, Gujarat based Eris Lifesciences undertakes research and development (R&D) and manufactures and sells branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the Indian pharmaceutical market (IPM). The categories include cardiovascular, anti-diabetics, vitamins, gastroenterology and anti-infectives. The focus is on developing products in the chronic and acute categories that are linked to lifestyle-related disorders.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22