Celestial Labs issue opens on June 18, issue price Rs 60 per share

Mumbai, June 12 (UNI) Hyderabad-based Celestial Labs Limited (CLL), a bio-informatics and bio-technology sector company, will enter the capital market to raise Rs 30 crore, with an initial public offering (IPO) of 50 lakh shares, in order to undertake expansion of its activities.

Addressing a news conference here, CLL's Managing Director Dr Aditya Narayan Singh said the company has fixed the price at Rs 60 per share including a premium of Rs 50 per share to raise Rs 30 crore.

The company had reserved two lakh shares for its employees and the net offer to the public is being made of 48 lakh shares, he said.

The CLL has made rapid technology advancement to develop Denovo Drug Design tool for the first time in the country and reduced the life cycle of the new drug molecule development from ten years to five years.

The total funds requirement of the CLL is around 40.59 crore, which consists of Rs 17.34 crore for enhancing exisiting infrastructure for bio informatics, Rs 14.66 crore for setting up off infrastructure for manufacturing if enzymes and the balance of Rs 8.58 crore for other related activities.

Of the total requirement, Rs 30 crore will be raised from an IPO and remaining by term loan and other available sources including internal accruals.

UNI