Shasun Pharmaceuticals today said it has received shareholder approval to raise Rs 50 crore through preferential allotment of shares to Caduceus Asia Mauritius Ltd.
CAML is subsidiary of US-based healthcare investment firm OrbiMed.
The company will allot 6.58 million equity shares at a price of Rs 76 per share aggregating to Rs 50 crore, Shasun Pharma said in a filing to the BSE.
"This investment reflects confidence of a global healthcare fund in the fundamentals of Shasun and its prospects," Shasun MD Abhaya Kumar said in a statement.
Commenting on the development Orbimed Advisors India, Managing Director Sunny Sharma said: "Shasun has a long history of partnering with top pharmaceutical companies and achieving leadership position in the products it chooses to focus on."
This would translate into an 11.93% stake for the new investor, Shasun had said earlier.
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 had added.
Shares of Shasun Pharmaceuticals were today trading at Rs 84.05 in the afternoon trade on the BSE, up 0.06% from previous close.
