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Andhra Pradesh
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Hyderabad
Sri Biotech to raise Rs. 100 crore
Special Correspondent
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Portion of fund for production facility
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HYDERABAD: Sri Biotech Laboratories will raise Rs.100 crore, through funds from merchant bankers, private equity players and the public.
Chief executive officer of Sri Biotech K. R. K. Reddy said at a press conference here on Monday that the company would raise Rs. 50 crore through an IPO.
A portion of the Rs. 100 crore would be used for establishing a production facility at Pashamylaram by the first quarter of next fiscal.
To begin with, the company proposed to raise Rs. 35 crore from private equity and bankers.
Commercialisation
The company secured licence for commercialisation of Bollcure, a bio pesticide for cotton, from Tata Energy and Resources Institute (TERI) to attack the bollworm problem. Bollcure was developed by Sri Biotech.
Nutan Kaushik of TERI said the eco-friendly Bollcure, which was made out of eucalyptus plant extract, could attack the bollworm.
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