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.


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