Tata Healthcare fund is buying 10.82% stake in Sakar Healthcare via preferential issue. Sakar Healthcare has informed Exchanges about on the company’s decision to raise nearly Rs 60 crore via allotment of over 23 lakh equity shares at an issue price of Rs 259.75 per equity share on a preferential basis. Most of the funds via this fund raise would be used to reduce debt and augment capacity addition plans for future growth.
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Under the preferential allotment, shares will be allotted to Tata Capital Healthcare Fund which post the preferential issue of equity shares own 10.82% stake in the company.
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Sakar Healthcare was started by first generation entrepreneur Sanjay Shah in 2004 in Changodar , Gujarat, India. Started with manufacturing Oral Liquid as a Contract Manufacturer for pharma multinationals (CMO).
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“Over a period of time the company diversified into manufacturing wide range of Pharmaceutical Formulations. Recently the company forayed into Oncology by setting up a greenfield integrated unit at Bavla, Gujarat, India. This unit will contribute to the next phase of growth at Sakar Healthcare,” an official statement said.
