Shasun to sell 11.9% stake to US firm for Rs 50 cr

Shasun Pharmaceuticals today said its board has approved to sell 11.9% stake to US- based healthcare investment firm OrbiMed for Rs 50 crore.

"The board of directors of the company have approved the offer from Orbimed," Shasun Managing Director S Abhaya Kumar told PTI.

Extraordinary general meeting (EGM) of the firm is also being convened to obtain the requisite approval of the shareholders, he added.

"The company has received an offer from Caduceus Asia Mauritius Ltd (CAML), an investment arm of US-based OrbiMed, a global healthcare-dedicated investment firm to invest Rs 50 crore into the company at a share price of Rs 76 per share," the company said.

This would translate into an 11.93% stake for the new investor post allotment, it added.

Commenting on the stake sale Kumar said: "Shasun is on a new growth trajectory and OrbiMed's offer comes at an opportune time when the company is planning for significant growth in the next couple of years."

Proceeds from the issue would be used to part finance the ongoing capital expenditure plans of the company for FY13, which includes building a new manufacturing facility in Vizag, the company said.

"OrbiMed's two-decade experience with pharma and life sciences companies will be very helpful in shaping our strategic road map," he added.

Shares of Shasun Pharmaceuticals today closed at Rs 79.80 on BSE, down 0.3% from previous close.