The Hindu : Business : Bafna Pharma taps market

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Saturday, May 24, 2008
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Business

Bafna Pharma taps market

Corporate Reporter

CHENNAI: The Chennai-based Bafna Pharmaceuticals Ltd., a multi-product pharmaceutical formulations company in diverse therapeutic segments, is entering the capital market with its initial public offer of 64 lakh equity shares of Rs. 10 each for cash at a premium of Rs. 30 per share. The fixed price issue will open on May 27 and close on May 30. Addressing presspersons here on Friday, Bafna Mahaveer Chand, Chairman and Managing Director, said the proceeds of the issue would be utilised towards brand building exercise in the domestic market.

The CMD said the company was engaged in the manufacture of betalactum and non-betalactum pharmaceutical formulations in tablets, capsules and liquid forms. Bafna had a WHO-GMP certified manufacturing facility at Madhavaram, which is a 100 per cent export-oriented unit catering to the Sri Lanka, Ghana and Ukraine markets.

New facility

Mr. Mahaveer Chand said the company, after establishing itself in the non-regulated market, decided to enter the more lucrative and regulated market of Europe. Towards this objective, a new facility at Grantlayon village near Chennai was established at a cost of Rs. 26.30 crore for the manufacture of non-betalactum products. This European GMP compliant and 100 per cent EoU would commence full scale commercial production once it received Medicines and Health Care Products Regulatory Agency (MHRA) approval. The company had entered into an agreement with the U.K.-based Somex Pharma for the sale of cholesterol lowering agent products.

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