Bal Pharma Ltd has informed BSE that the management of the Company has decided to place audited accounts of the Company, instead of the unaudited financial results of the
quarter, ended on, March 31, 2008, on or before June 30, 2008. The Company closes its financial year, on March 31, 2008.
With reference to the news item appearing in a leading financial daily titled “Bal Pharma plans to raise $20 m”, Bal Pharma Ltd has clarified to BSE that the Company has been allocated 10 acres of land at SEZ, Hassan, Karnataka. The Company is planning to raise $ 20 million USD for capacity expansion and for acquisition of assets either through Term Loan or ECCB / ECB route.
The first phase of expansion will be bulk drug actives with an investment of about 35 crores at Hassan, Karnataka and the balance of the funding will be allocated for expansion of capacities at its existing plants and also scanning the markets for acquisition of assets.