Saamya Biotech - Utilisation of Funds
Saamya Biotech India Ltd has informed BSE that during the year ended March 31, 2008 the Company had allotted 1,50,12,500 Equity Shares of Rs 10/- each by way of IPO. The details of funds received towards such allotment and utilization of such funds are given below:
Amount (in Lakhs)
-------------------------------------------------------------------------------------------- S.No Particulars As on As on March 31,2008 December 31, 2007 -------------------------------------------------------------------------------------------- 1. Equity capital subscribed by Promoters 808.00 808.00 2. Funds raised from Initial Public Offer 1501.25 1501.25 (1,50,12,500 Equity shares of Rs 10/- each at par) 3. Interest earned on Liquid Funds 23.04 - ------------------------------------------------------------------------------------------ 4. Total Source 2332.29 2309.25 ------------------------------------------------------------------------------------------ 5. Utilization of funds Land & Site Development 92.02 80.00 Buildings & Civil Works 25.14 20.00 Plant & Machinery 1120.00 1120.00 Technical Know-how fee 37.69 8.50 Misc. Fixed assets 61.20 59.90 Preliminary & Pre operative expenses 359.33 295.47 (including public issue expenses) ------------------------------------------------------------------------------------------ 1693.38 1583.87 ------------------------------------------------------------------------------------------ 6. Balance of unutilized funds 638.91 725.38 --------------------------------------------------------------------------------------------
The Company has invested the unutilized funds in Liquid Funds.
Brief description of the project:
The Company has raised the funds to the extent of Rs 1501.25 lakhs through IPO for the purpose of setting up manufacturing facilities including Research & Development and pilot plant facility for Low Volume, High Value active Bio-Pharmaceutical ingredients.
Status of the Project:
The project is under implementation by the turnkey contractor. M/s. Shapoorji Pallonji & Co. Mumbai. The Basic Engineering designs of the project are sourced from the Technical collaborator of the Projects. M/s. Biofin Laboratories s.r.l. at Porto Mantovano, Italy. Detailed Engineering services shall be provided by M/s. SEMAC India, Bangalore and Civil Constructions are taken up by M/s. Shapoorji Pallonji Engineering & Co, Mumbai. Erection of the civil structures on the ground shall be initiated shortly, as soon as the designs are ready.
The commercial production is expected to be started in December 2008.
The statement of Utilization of funds received through Initial Public Offer (IPO) has been approved by the Audit Committee at their meeting held on April 30, 2008 and taken on record by the Board of Directors at their meeting held on the same date.
