Hyderabad, Feb. 13 -- : Virupaksha Organics Limited, a research and development (R&D) driven Indian pharmaceutical company engaged in the manufacture of active pharmaceutical ingredients (APIs) and intermediates, has received SEBI's go-ahead to raise Rs. 740 crore through an initial public offering (IPO), an update with the capital markets regulator showed on Friday.
The proposed IPO of the Hyderabad-based company is entirely a fresh issue of equity shares, according to the draft red herring prospectus (DRHP).
Virupaksha proposes to utilize Rs. 360 crore from the Net Proceeds of the Fresh Issue towards funding capital expenditure requirement for capacity expansion at Unit 1, Unit 2, Unit 4 and Unit 5; Rs. 195 crore for prepayment of all o...