Indian drug maker Vivimed gets $25.8m from private equity
NYLIM Jacob Ballas India Fund and Kitara Capital have committed INR1.27 billion ($25.8 million) to Indian pharmaceutical firm Vivimed Labs.
Hyderabad-based Vivimed, a specialty chemical drug maker, said that NYLIM Jacob Ballas has invested INR670 million through the purchase of compulsory convertible preference shares. These shares can be converted to equity in 18 months at a price of INR315 each. Kitara, meanwhile, invested INR600 million for equity, paying INR327 a share.
The investment buys NYLIM Jacob Ballas 13.2% of the company, while Kitara would hold 11.4%.
The newly raised capital will be used to boost its specialty chemical production at its facilities in Bidar and Hyderabad and a new project near Visakhapatnam, LiveMint reported. It will also fund a US Food and Drug Administration-compliant drug factory in Choutuppal, helping it to achieve its target to double its revenue by March 2013.
The company reported INR4.16 billion in revenue for the fiscal year ended March, as well as net profit of INR488.3 million, up 57% year-on-year. It posted a 21% rise in sales.
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