Natco Pharma Ltd.

Natco Pharma will be raising Rs 153 crore from CX Securities, a foreign institutional investor. The board of directors of the company at its meeting held on October 19, 2013 has approved to issue 24 lakh equity shares of Rs 10 each to CX Securities on a preferential basis. The shares will be issued at a price of Rs 638.40 apiece, aggregating to Rs 153 crore, subject to the necessary approvals. The proceeds of the issue will be used for general corporate purposes.

Besides, the company also plans to increase the limit of NRIs/PIOs (non-resident Indians/persons of Indian origin) and FIIs to 24-49 percent of the paid-up capital of the company. An extraordinary general meeting of the company will be held on November 14 to consider the proposals.

Natco Pharma was promoted as a private company to be in the business of research, developing, manufacturing and marketing of pharmaceutical substances and finished dosage forms for Indian and International markets.