Emcure Pharma withdraws IPO application 12/06/2014

Emcure Pharma withdraws IPO application
11/06/2014 17:14
Pune-based pharma company Emcure Pharmaceuticals has withdrawn its proposed initial public offer, which was looking to raise up to Rs 500 crore, making it the fourth withdrawal this year, reported PTI. The company had filed draft offer documents with the Securities and Exchange Board of India for the proposed IPO in June last year, said the media report. The proposed issue comprised fresh issue of up to Rs 300 crore and an offer for sale of up to 25,13,057 equity share. However, the company through its lead merchant banker IDFC Capital withdrew its offer documents on June 6 this year, as per the latest update available with Sebi. The pharma company intends to use the net proceeds for setting up of new manufacturing facilities and expansion of existing manufacturing facilities, research and development and general corporate purposes.