Saamya Biotech to raise Rs 15 cr from capital market

Mumbai, Sep 18 (UNI) Hyderabad-based Saamya Biotech Limited will enter the capital market to raise 15 crore to fund a pilot project on bio-pharmaceutical ingredients.

The initial public offer will hit the bourses on September 25 and will close on September 28.

Saamya Biotech plans to set up a manufacturing facility for bio-pharmaceutical ingredients at Shapoorji Palonji Biotech Park at Andhra Pradesh.

The total cost of the project is Rs 28 crore. The State Bank of India has sanctioned a loan of Rs 5 crore while the promoters are contributing Rs 8.08 crore.

Talking to mediapersons, company managing director Dr Y M Reddy said, ''We are a first generation biotech company with an aim to manufacture and market high value biopharmaceuticals and recombinant protein products of medical significance.'' UNI