Drug maker Aanjaneya Lifecare Ltd plans to tap the capital market for raising funds to finance its expansion projects and has filed the draft papers with the Sebi for its IPO.

The Mumbai-based company is also considering a pre-IPO placement of up to Rs 30 crore with certain investors, as per the details available with its Draft Red Herring Prospectus filed with Securities and Exchange Board of India.

Besides, the firm may consider participation by anchor investors, it said in its draft prospectus.

The company plans to come out with an issue size of 50 lakh shares of Rs 10 each. Though it has not stated how much money it will raise through the initial public offering, the entity has expansion plans of about Rs 100 crore, as per DRHP.

Aanjaneya Lifecare plans to utilise the issue proceed for setting up different plants, to expand existing R&D, to meet the expenses for branding and registration of products in the international markets, among others.

Anand Rathi Advisors and IDBI Capital Market Services are book running lead managers to the issue.

Aanjaneya Life is a vertically integrated pharmaceutical company with manufacturing and marketing capabilities in APIs (active pharmaceutical ingredients).

The draft prospectus was filed in the first fortnight of current month.

Shares offered through the IPO are proposed to be listed on the National Stock Exchange and the Bombay Stock Exchange.

source: Business Standard

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