Maruritius-based PE to pick up 12% in Shasun Pharma

Mauritius-based Caduceus Asia Mauritius Ltd to pick up 11.93% stake in  Shasun Pharmaceuticals Ltd, by infusing Rs 50 crore. The promoters' holding will come down to 41.15% from the current 46.73%. The money will be used to pay long term funds for the company and to part finance the capex, according to the company.

Caduceus Asia Mauritius Ltd is a part of OrbiMed, a private equity fund focusing on healthcare. OrbiMed has earlier invested in Clinical Research firm Ecron Acunova in 2009 and Bharat Serums and Vaccines Ltd in 2010, through Caduceus Asia Mauritius Ltd, according to reports.

In a notice to the company's shareholders Shasun Pharmaceuticals said that the company is planning to allocate 65,78,947 equity shares of the face value of Rs 2 for cash price of Rs 76 a share (including a premium of Rs 74 per share) aggregating to Rs 50 crore to Caduceus Asia Mauritius Ltd, Mauritius.

The company called for an EGM on March 222, 2012 to get the shareholders approval for the allotment.

After the proposed issue, promoter's holding in the company will bring down to 41.15% from 46.73%, while Caduceus Asia Mauritius Ltd holding will be 11.93%.

Financial institutions, mutual funds, banks and FII holdings will come down to 14.57% from 16.54%, public shareholding to 27.69% from 31.44%, foreign nationals to 0.35% from 0.39%, NRIs to 0.62% from 0.70% and corporate body to 3.69% from 4.19%.

“The object of the issue is to raise long term funds for the company to part finance the capital expenditure, long term working capital requirements,” said the company in the explanation statement.