|Nectar Lifesciences Limited was incorporated as Surya Medicare Limited.
(SML) on June 27, 1995 as a public limited company pursuant to a
financial collaboration agreement dated December 18, 1995 ('Financial
Collaboration Agreement') between the Promoters and Punjab State
Industrial Development Corporation ('PSIDC'). PSIDC had invested in
33,30,000 Equity Shares of the Company at Rs. 10 per share aggregating
Rs. 33 million. In terms of the Financial Collaboration Agreement, the
Promoters were required to buy back the shares from PSIDC. The entire
shareholding of PSIDC was bought back by the Promoters at a price of
Rs. 16.47 per share in April 2003 under the One Time Settlement ('OTS')
policy announced by Government of Punjab - Industrial Policy, 2003.
Subsequently, we changed our name to Nectar Lifesciences Limited on
March 26, 2004.
Our manufacturing facility is located in the 'B' Category zone of
Punjab and commenced business with the commercial production of Oral
Bulk Drugs in April 1997. In March 1998, the project was fully
completed and we also started the production of Sterile Bulk Drugs.
During 1999, we added formulation facilities by setting up a vial
We undertook an expansion in FY 2000. The installed capacity of the
plant increased to 810 MTs from 406 MTs. We also installed one
Crystalline section of 65 MT per annum in 2001. This new Crystalline
section commenced production in October 2001. In FY 02, we undertook
another expansion programme increasing the production capacity for
Since FY 04 we have been implementing an expansion programme at a
Derabassi (Unit II) to increase its manufacturing facilities in the
fields of Cephalosporins, non-antibiotics and modernization of our
Our subsidiary Chempharma was incorporated under the laws of Sri Lanka
on October 18, 2002. It is a wholly-owned subsidiary of our Company,
set up to manufacture API intermediaries.
We had proposed to make a public issue of 6,400,000 Equity Shares of
Rs. 10 each for cash at par in 1996. We had filed the offer document
with SEBI on June 21, 1996 and received the SEBI acknowledgement card
no. 5/1266/96-NRO/2622 on July 15, 1996. This issue was however not
launched. We had also planned a public issue of 3,870,000 Equity Shares
of Rs. 10 each for cash at a premium of Rs. 50 per Equity Share in 2004
for financing a project in terms of the objects to the issue. We filed
the Draft Red Herring Prospectus with SEBI on September 30, 2003 and
received the acknowledgement card no. CFD/DIL/UR/4279.2004 dated March
1, 2004. We also received in principle approval from the Stock
Exchange, Mumbai vide Us letter dated November 18 2003 (ref no.
DCS/sg/ak/2003) and in principle approval from he National Stock
Exchange of India Limited vide its letter dated December 2, 2003 (ref:
NSE/LIST/57045). Between filing the Draft Red Herring Prospectus and
receiving the SEBI acknowledgement card, we approached our bankers -
State Bank of India and Punjab National Bank for financing the said
project which was otherwise planned to be financed through the issue
proceeds. Our management decided against launching the issue after
receiving an assurance from our bankers for financing the proposed
Investment by the Private Equity Investors
We were set up as a financial collaboration unit with PSEDC in 1995. In
April 2003, our Promoters acquired the entire shareholding of PSIDC in
our Company. In 2001, Swiss Technology Venture Capital Fund (Private)
Limited ('Swisstech') invested Rs. 64 million to subscribe to 1,066,667
Equity Shares pursuant to the equity share subscription and
shareholders agreement dated February 20, 2001 ('Shareholders
On March 15, 2005, our Promoters acquired all the shares held by
- Nectar Lifesciences Ltd has appointed Mr. Basant Kumar Goswami, I.A.S. (retd.) on the Board as an additional director (Independent director) of the Company who shall hold the office upto the date of next Annual General Meeting.
- The Company has splits its face value from Rs10/- to Rs1/-.