The Board of Bafna Pharmaceuticals has approved to issue 17 lakh shares of Rs.10 each and 14 lakh warrants of Rs.10 to strategic investors and 9.18 lakh warrants of Rs.10 to promoters on preferential basis. Through this allotment the board has decided to raise approximately Rs.18 crore from which around Rs.10 crore would be received from the allotment and around Rs.8 crore would be covered in the next 18 months.



These shares and warrants are to be allotted as at such price as may be arrived at as per SEBI guidelines. The proposals shall be subject to approval from BSE apart from the approval of the shareholders. An extra ordinary general meeting of the shareholders of the company will be convened on January 3, 2011 for this purpose.



Commenting on this Bafna Mahaveer Chand, chairman and managing director of said," The company has recently received approvals for many products from regulated market and emerging markets. And now the company is looking for inorganic growth opportunity for which the funds are being raised".



On the preferential allotment basis, 20.02 per cent of the post issue equity share capital of the company will be raised subject to the approval of the members of the company in general meeting by way of special resolution as required to be passed under the provisions of the Companies Act.