Vivimed Labs Seals $25.8M Investment

Vivimed Labs, an Indian drugmaker, has raised 1.27 billion rupees ($25.8 million) from two private equity investors, Reuters reported. NYLIM Jacob Ballas India Fund has invested 670 million rupees through compulsory convertible preference shares, which would be converted in 18 months at a price of 315 rupees per share, the drugmaker said in a statement. Kitara Capital invested 600 million rupees to buy equity at 327 per share, it said.

(Reuters) – Drugmaker Vivimed Labs said on Tuesday it has raised 1.27 billion rupees through preferential allotment to two private equity investors.

NYLIM Jacob Ballas India Fund has invested 670 million rupees through compulsory convertible preference shares, which would be converted in 18 months at a price of 315 rupees per share, the drugmaker said in a statement.

Kitara Capital invested 600 million rupees to buy equity at 327 per share, it said.

While NYLIM Jacob Ballas India Fund would hold 13.2 percent in Vivimed post dilution, Kitara would hold 11.4 percent stake in the company, it said.

The funds would be used to finance Vivimed’s expansion projects at various sites, it said.

Shares in Vivimed Labs, which have fallen 15.15 percent in three months, closed down 1.03 percent at 235.85 rupees on Tuesday in a firm Mumbai market.

(Reporting by Kaustubh Kulkarni; Editing by Subhadip Sircar)