Date:28/09/11,
Private Equity,
Cross Border Deal,
Vivimed Labs Ltd receives INR 1270 million from NYLIM Jacob Ballas India Fund III LLC and Kitara Capital. NYLIM Jacob Ballas India Fund III LLCis invests INR 670 million and Kitara Capital invests INR 600 million.
The investors are subscribing to CCPS which will be converted to equity in 18 months at a price of INR 315 per share. On conversion, NYLIM will have 13.2% stake, while Kitara will have 11.4% stake.
The funds will be used to finance Vivimed’s expansion plans for speciality chemicals at its existing locations in Bidar (Karnataka), Hyderabad, a new project near Visakhapatnam and a drug factory in Choutuppal, near Hyderabad.
Vivimed has a commitment of raising $20 millionn from International Finance Corp., a World Bank arm, of which it recently raised $7.5 million through a sale of foreign currency convertible bonds
It recently acquired 50% stake in AP based - Octtantis Nobel Labs Pvt Ltd to foray into domestic pharma retail space.
Vivimed is also in the process of acquiring a Spain-based specialty chemical company for $50 Mn. The target company is expected to have a turnover of $100 Mn.
In 2008, Vivimed Labs acquires James Robinson - UK based manufacturer of dyes and photochromics.In 2010, the name of James Robinson was changed to Vivimed Labs Europe. It's manufacturing base was shifted from Munich, Germany to Hyderabad, India.
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