Ind Swift Labs Bags Shareholders Sanction To Lift Up Rs 500 Crore

Ind Swift Labs Bags Shareholders Sanction To Lift Up Rs 500 Crore

Drug company Ind Swift Laboratories announced that its stockholders have given their nod to lift around Rs 500 crore via issuance of securities.

The reports said that the said sum will be raised via issuing GDRs, FCCBs plus Convertible Bonds.

But, Ind Swift Labs did not disclose any time period for lifting the funds.

"The members have also approved declaration of dividend of Re 1 per share of face value of Rs. 10 each for the financial year 2010-11," it said.

In addition, the company also declared that it has pocketed sanction from the Australian health supervisory body to create seven active pharmaceutical components at its plant situated at Dera Bassi facility in Punjab.

The drug company has pocketed green signal from Australia's Therapeutic Goods Administration (TGA) to make seven APIs, which consists of Clarithromycin and Letrozole.

Ind Swift’s facility based in Dera Bassi consists of 19 manufacturing blocks, out of which 11 are exploited to formulate medicine for the legitimized market.

Mr. NR Munjal, Ind Swift Laboratories Vice Chairman and Managing Director said that the recent official nod from Australian health supervisory body will assist the company’s development and access, chiefly in the diebetology and heart illnesses.

"Australia is the most attractive market for pharmaceutical investment in the Asia Pacific region, primarily due to its growing and ageing population, excellent access to medicines and fast recovering economy," the company added.

At 01:23 p.m., the stock of the company stayed at Rs 31.50, up 4.3%, on the Bombay Stock Exchange (BSE).

The share price has seen a 52-week high of Rs 47.20 and a low of Rs 24.40 on BSE.

Google Video


User login

Gaming Tonight

Sony Reduces PlayStation Prices by 15%
Sat, 08/20/2011 - 07:50

Sony PlayStation 3 is being sold at a 15% lower price with the fall in prices in India. The step...

Entertainment Tonight

SRS All Set To Invest Rs 100 Cr To Launch New Screens
Mon, 08/22/2011 - 06:22

Diversified group SRS today announced that it would make an investment of Rs 100 crore to...

India Today

ICICI Bank Posts Impressive 20% Growth in Net Profit
Sat, 10/26/2013 - 10:00

Largest private sector bank in India, ICICI Bank has reported 20 percent increase in its...

UK News

Water Bills to Go Down With Subsidy
Wed, 11/30/2011 - 08:12

It has been revealed in a recent report that there is now rebate going to be received by the...

US News

Google Introduces New Features in Mapping Service
Wed, 11/30/2011 - 13:00

Often it happen when one has no clue where their desired shop is in the airport or which...