Sanjivani Paranteral, a vertically integrated pharmaceutical company manufacturing and exporting generic drugs, has raised Rs 30.88 crore through the issuance of convertible warrants and preferential allotment of equity shares.
Details of the issuance
The company has issued 600,000 convertible warrants to its promoter, Ashwani Khemka, each priced at Rs 135.10. Additionally, Sanjivani Paranteral Limited has approved a preferential allotment of 16,86,000 equity shares.
These shares, also priced at Rs 135.10 per share, were allocated to non-promoter investors, amounting to Rs 22.77 crores, the company informed in an exchange filing.
Who are the investors?
This financial venture saw participation from several notable investors, including India Bridge Fund (India Equity Fund1), Ashish Kacholia, Monika Garware, Anurag Jain, and Ashika Global Securities Pvt. Ltd.
Modernizing existing facilities
According to the company’s statement, the raised will be allocated towards modernizing existing facilities and reinforcing infrastructure. Moreover, the capital will aid in the development of a state-of-the-art manufacturing facility, in collaboration with Hindustan Antibiotics Limited, for the production of IV formulations and IV sets, it said.
Srivardhan Khemka, Director of Sanjivani Paranteral Ltd, said, “This capital infusion strengthens our collaboration with Hindustan Antibiotics Limited for IV formulations and emphasizes our unwavering focus on shareholder value and healthcare, empowering us to drive forward. With investor support, we’re poised for greater success and innovation.”
Sanjivani Paranteral Limited, headquartered in Mumbai, operates in 25 countries and is known for its export-oriented approach, with more than 100 product approvals worldwide. The company’s focus spans various therapeutic areas, backed by a robust R&D setup.
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