Tuesday, Apr 22
BANGALORE - Biocon Ltd plans to dilute 10-15% of its stake in
wholly owned subsidiary Syngene, one of Asia's largest contract research companies, through an initial public offering in the second half of calendar 2008, President Group Finance Murali Krishnan K.N. told NewsWire18 today.
"Once this (IPO) happens, we will dilute about 10-15% stake.
Syngene needs capital for its operations," he said.
Earlier today in her post-earnings comments, Biocon Chairman and
Managing Director Kiran Mazumdar-Shaw said the company's plans to list Syngene on Indian bourses are on track despite the current volatility in the local stock markets.
For financial year 2007-08, Syngene reported revenues of 1.60 bln
rupees.
In Jan, Biocon announced an in-principle decision to list its subsidiary Syngene and pegged its likely capital expenditure requirement by Mar
2009 at 2.50 bln-2.75 bln rupees.
Earlier today, Biocon reported consolidated net profit of 4.64 bln
rupees on net sales of 10.54 bln rupees for 2007-08 (Apr-Mar). Operating margin for the full year was 31%, up 2% on year.
The company's board also recommended a 1:1 bonus share issue.
Biocon shares surged nearly 9% in early trade boosted by the bonus
share issue but pared gains later.
At 1:20PM, shares of Biocon were at 519.80 rupees on National
Stock Exchange, up 3% from Monday.
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