Bafna Pharma to raise Rs 20 cr

Chennai-based Bafna Pharmaceuticals is raising close to Rs 20 crore for its future expansion by issuance of warrants and shares.

The company has informed BSE that its Board of Directors approved issuance of 1.7 million equity shares and 1.4 million warrants to strategic investors at a face value of Rs 10 each. Further, over 900,000 warrants would be issued to the promoters of face value of Rs 10 each.

“We are looking to raise Rs 20 crore through issuance of shares, equity and warrants. This will go to our expansion as well as any inorganic growth plans,” said Mahaveer Chand Bafna, chairman and managing director, Bafna Pharmaceuticals Limited.