Natural Capsules Limited's subsidiary Natural Biogenex Private Limited, an emerging steroidal API player announced the successful completion of its maiden fund-raise of ₹ 18.75 Crores. The Company has allotted 16.67 lakh shares representing 7.69% of the total outstanding shares post-allotment, valuing the subsidiary at ₹ 225 Crores premoney.
COMMENTING ON THIS MILESTONE, MR. SUNIL MUNDRA, EXECUTIVE DIRECTOR, SAID, "I am pleased to announce this maiden fund-raise for our wholly-owned subsidiary Natural Biogenex Private Limited, this is the first external fund-raise that we have undertaken for our steroidal API business. Not only does this fund-raise validate our years of efforts in building this entity, but it also makes Natural Biogenex more atmanirbhar (self-reliant) in undertaking its endeavour to provide quality APIs & intermediates to our potential customers in India and in international markets. The proceeds from this fund-raise will be deployed in financing the project requirements of the API business and will allow us to scale the business with lesser financial leverage.
As many of you may be aware, Natural Biogenex aims to be one of the few Indian companies producing bulk drugs using fermentation technology in the steroidal product range. Our products that will be manufactured using a complex, high-end, patented technology at our Tumkur facility will prove to be a major import substitutes for the country. We remain on track to commission the facility by end of this financial year and begin commercial operations by Q1FY24. On the demand side, our outlook remains solid given the positive interactions with potential customers in India and abroad, and our first target would be to reach ~50% capacity utilisation for this facility by end of FY24. This we believe will mark a strong entry for us in the fermentation API space."
Shares of NATURAL CAPSULES LTD. was last trading in BSE at Rs. 536.25 as compared to the previous close of Rs. 544.70. The total number of shares traded during the day was 4179 in over 178 trades.
The stock hit an intraday high of Rs. 549.70 and intraday low of 526.55. The net turnover during the day was Rs. 2240252.00.