| HSBC Financial Services has acquired a 6.06 per cent stake in Kopran Pharmaceuticals, taking its holding in the Mumbai-based pharmaceutical company to 10.01 per cent.
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| The transfer of 1.3 million shares was done through open market operations, according to an intimation by the company to the Bombay Stock Exchange.
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| The company has also recently received an approval for restructuring its high cost debts from the Corporate Debt Restructuring (CDR) cell.
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| Under the guidelines of the restructuring process the rate of interest both on long term debts and the working capital borrowing would see a significant cut at 9 per cent, down from the current level of 13.50 per cent. The repayments of long term debt have also been rescheduled to be paid by the year 2009.
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| The restructuring exercise also includes the release of additional working capital to meet the requirements of the planned growth in business.
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| According to the notice sent to the stock exchange, “This restructuring will not only help improve the profitability of the company, but will also enable Kopran to implement its ambitious business growth plans both in terms of turnover and profit.”
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| Meanwhile, Kopran has completed its management and business restructuring by re-engineering and revamping its business processes and recruiting new professionals at the senior management level.
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| The company is currently expanding its therapy area coverage by entering into high growth anti-diabetic and life style product segment while expanding its presence in rapidly growing cardiac therapy area. 3 focused domestic sales teams of the Company have just launched 10 new formulations in these therapeutic segments. |
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