Avesthagen’s Rs 700 crore IPO in second half of 2010
Avesthagen Ltd. is eyeing to come-up with an Initial Public Offering (IPO) of Rs. 600-700 crore, during the 2nd half of the current year. Initially, the IPO was planned to introduce last year, but negative Capital Market do not supported the proposal to carry on.
Dr. Villoo Morawala Patell, CMD of Avesthagen Ltd. said the company should be in the market in the next 9 months of the current year. Dr. Patell said all signs look positive and Avesthagen armed with great scientific talent, technologies, patents and products requires funding to help it take the benefits to the market.
Ms. Patell said to fund Avesthagen’s manufacturing and marketing of its products, the company eyes to list in the Capital Market. Avesthagen expects to generate Rs. 600 to 700 crores. She said dilution of the stake would be minimum required as per SEBI norms and her equity in the company is to the extent of 32 %.
The company also announced that it has strengthened its Board of Directors with Dr. John Darbyshire, Operations Manager of the Beverages SBU at Nestle, Switzerland, Dominique Takizawa, CFO, Institute Merieux, and Dr. Chris Bowler, Professor, Molecular Marine Biology, Ecole Normale Superieure, Paris.
Rita Colwell, former Director of the National Science Foundation (USA) has become the chairperson of the Avesthagen’s Strategic Scientific Advisory Board.
Avesthagen Ltd. is a leading life science company pioneering the convergence between Food, Pharma and Population Genetics leading to Predictive Preventive Personalized Healthcare.
Avesthagen Ltd. is a Bangalore-based life sciences company Avesthagen Ltd and has presence in home and abroad.
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