Senores Pharma sets price band of Rs 372-391 for Rs 582 cr IPO to open Fri

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Senores Pharma sets price band of Rs 372-391 for Rs 582 cr IPO to open Fri - Business Standard

Quick Summary:

Proceeds from the fresh issue will be utilized for setting up a manufacturing facility for production of sterile injections in its Atlanta facility; funding the working capital requirements of the company and its subsidiaries, supporting inorganic growth through acquisition and other strategic initiatives and payment of debt.

The Ahmedabad-based company's IPO is a combination of fresh issuance of shares worth Rs 500 crore and an offer for sale (OFS) of up to 21 lakh shares valued Rs 82.11 crore, by promoters and other selling shareholders, at the upper end of the price band.

Senores Pharmaceuticals Ltd on Wednesday said it has fixed a price band of Rs 372-391 per share for its Rs 582-crore initial public offering (IPO) that opens for subscription on December 20.