Emcure Pharmaceuticals has received regulatory approvals for its draft red herring prospectus and will be filing the RHP for the Rs 5,000-crore initial share sale, according to reports.
The IPO will hit the market soon after the Budget and it consists of a fresh issue of up to Rs 1,100 crore by the company, which will be used as growth capital, and an offer for sale by promoter shareholders -- founder, managing director & chief executive Satish Mehta who owns 41.92 per cent and by son Sunil Mehta who holds 6.13 per cent.
Other promoter groups/persons own 33.55 per cent, and global private equity major Bain Capital owns 13.09 per cent in the Pune-headquartered pharma major.
The company added that it will utilize Rs 947 crore from the proceeds of the issue to repay/prepay debt which as of March 2021 stood at Rs 1,252.6 crore, the reports said.
Emcure Pharmaceuticals is an Indian multinational pharmaceutical company headquartered in Pune, Maharashtra. Emcure's product portfolio includes tablets, capsules and injectables.
(With inputs from PTI)
