Plethico Pharma to raise $ 75mln to expand into US markets

Saturday, March 17, 2007, 17:45 [IST]

New Delhi, Feb 26 (UNI) Plethico Pharmaceuticals Ltd today said it will raise 75 million dollars through Foreign Currency Convertible Bond (FCCB) to finance its expansion into the United States market.

The company proposes to acquire retail pharmacy chains, manufacturing units, marketing firms and OTC brand in the US market for the expansion.

A sum of Rs 35 crore of unutilised IPO proceeds will also be utilised for the purpose.

The fund raising and investment schemes are subject to the approval of the members in the forthcoming Annual General Meeting.

UNI

Topics: PHARMA-PLETHICO-US

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