Surya Pharmaceutical Ltd Share Price

Summary

Surya Pharmaceuticals (Surya) is a Chandigarh-based pharmaceutical company with four manufacturing facilities spread across three states of Himachal Pradesh, Haryana and Punjab. The company produces semi synthetic penicillin based products, first generation cephalosporins, anti histamines, drug intermediaries and formulations. Surya can be considered predominantly a bulk drug or Active Pharmaceutical Ingredient (API) manufacturer, as formulations constituted less than 4% of revenues in FY 2002-03, while the balance was contributed by API, intermediaries and others. Surya Pharmaceuticals is relatively a very small player in the current context. Nevertheless, it has found a space in both domestic and overseas market. In the domestic market, it has opted to become preferred supplier of APIs to domestic pharma majors. In the overseas market, it has been focussing on Far East, Middle East and South Asia. Overall it plans to focus equally on domestic and export market. The company has offered 30 lakh equity shares of Rs 10 each at a premium of Rs 35 each, aggregating Rs 13.50 crore. The issue proceeds will be utilised, predominantly to augment working capital requirements at Rs 10.47 crore, Plant and machinery for R & D amounting to Rs 2.33 crore and for preliminary and public issue expenses of Rs 0.70 crore. Rajeev Goal, who is currently the companys Managing Director, has promoted the company. The core promoters hold 36.41% stake in the company, which will come down to 25.98% pos
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