SMS Pharmaceuticals IPO open from Feb 5

Hyderabad, Jan 31 (UNI) SMS Phaarmaceuticals Limited, manufacturer of Active Pharma Ingredients and pharmaceutical intermediates, proposed to enter the capital market on February 5 with a public issue of 2,577,000 equity shares of Rs.10 each through 100 per cent book building process..

The price band has been fixed at Rs.360 to Rs.380 per equity share of Rs 10 each. The issue closes on February 8. The net issue to the public will constitute 25.77 per cent of the fully diluted post-issue paid up capital of the company, according to a press release.

The company proposes to utilize part of the net proceeds of the issue in setting up of facilities for manufacturing Active Pharmaceuticals Ingredients (APIs) as per US FDA standrads at Kandivalsa Village in Vizianagaram district of Andhra Pradesh. The cost of the project at Rs.1,130 million has been appraised by EXIM Bank, which has sanctioned a term loan of Rs.300 million.

UNI