India's Emcure Pharma files for IPO
MUMBAI, July 2
MUMBAI, July 2 (Reuters) - India's Emcure Pharmaceuticals Ltd, in which Blackstone Group holds a significant minority stake, has filed for an initial public offering of common stock, the company said on Tuesday.
The company could raise up to $120 million through the issue, two sources with direct knowledge of the matter said. However, Emcure has not yet disclosed at what price it would sell the shares and how much it expects to raise.
The IPO comprises a fresh issue of equity shares of up to 3 billion rupees ($50.5 million) and an offer for sale of up to 2.5 million equity shares by certain existing shareholders of the company, Emcure said in a statement.
In 2006, Blackstone invested $50 million in Emcure for a significant minority stake.
Bank of America Merrill Lynch, Morgan Stanley and IDFC Capital are the book running lead managers to the issue, the statement said.