Beximco Pharma raises £6.5m thru' further GDR issue in London
Beximco Pharmaceuticals Ltd (BPL) announced that it has raised 6.5 million pound sterling through issuance of 8,175,750 further global depository receipts (GDRs), each representing one ordinary share of Tk 10 each at an issue price of 80 pence per GDR from London Stock Exchange.The proceeds of the placing will be used to complete two OSD lines in Beximco Pharma's USFDA standard Oral Solid Dosage (OSD) plant, diversify the company's product range and increase market penetration in existing and new markets, says a press release. Speaking on the fundraising, Nazmul Hassan, chief executive officer of Beximco Pharmaceuticals, said, "We have been delighted by the interest in Beximco from international investors since the company's IPO (initial public offering) in London last year and we are grateful to them for their continuing support in this fundraising as we develop the infrastructure of our business and invest in its growth." The newly issued GDRs have been admitted for trading on June 1, 2006 on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE), details of which are available at www.londonstockexchange.com. Beximco Pharmaceuticals went global on October 21, 2005 by listing its two crore GDRs, which were issued to raise around Tk 142 crore from international institutional investors. With the listing on AIM of LSE, the local pharmaceutical giant has positioned itself as the one and only company from Bangladesh to raise fund from overseas stock market.
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