Shanta Biotech plans fresh equity placing

Hyderabad, India-based Shanta Biotech plans to raise about 1.25 billionrupees ($26.8 million) by placing nearly 15% of its equity with fund managers. The placement will result in foreign institutional investors taking an additional 10%-12% stake in the company.

Following the placement, the original promoter, an Indo-Oman joint venture, will retain a little less than 80% of the company. The placement will help partly finance the setting-up of a facility to manufacture new vaccines and drugs which are currently being developed by Shanta Biotech.