Bangalore-based biotech company, Avesthagen Ltd, has shelved its plans to raise funds from the primary market due to the economic crises and downturn in the global market. According to the earlier schedule, the company was supposed to launch an IPO this year but now is looking to privet investors for rising money to tackle the crises.
According to Villoo Morawala Patell, chairperson & MD of Avesthagen, "We are looking at raising $30-50 million to ensure that our nine products, which are scheduled to be developed for the next two years, reach the market on time. We will be focusing on the immediate projects first and are in talks with people for that."
No comments:
Post a Comment