Avesthagen working on $145 Million IPO plan
Wednesday, 17 February 2010, 21:21 IST
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Bangalore: Avesthagen is working up its $145 million public offer plan for the second half of this year but still needs to raise around 22 million euro in the interim, according to its Founder, Chairman and Managing Director, Dr. Villoo Morawala Patell, reports Business Line. "Last year, we needed around 40 million euro till the IPO and some of it we have collected as debt and equity," Patell said at a news conference called to announce a Nestle executive and two others joining the Avesthagen board. In the coming months, the company planned to take in a private equity player, seeking project-based funds and also "do some more (research) licensing deals" to shore up its resources, Patell said. She would not divest in her 32 percent stake during the public offer and did not favor pre-IPO equity placements, she said.