Fulford (India), a Rs.200 crore plus subsidiary of Merck & Co., Inc., has incurred higher net loss of Rs.4.05 crore during the first quarter ended March 2013 as compared to net loss of Rs.1.84 crore in the corresponding quarter of last year. Its net sales also declined by 7.9 per cent to Rs.46.68 crore from Rs.50.68 crore. The EPS worked out to negative Rs.10.38 as against negative Rs.4.72 in the last period.

Fulford (India) Ltd had raised Rs.40.25 crore by issuing 7,00,000 equity shares of Rs.10 each at a premium of Rs.565 per share, to its promoters Dashtag in the year 2006. Out of the aforesaid amount, the company has utilised Rs.39 lakhs towards business expansion during the quarter ended March 31, 2013. Total amount utilized towards business expansion till March 31, 2013, out of the aforesaid amount, is Rs.200 lakhs. The remaining balance amount of Rs.38 crore continue to be invested in fixed deposits with banks pending utilisation of the same.

With completion of buy-back offer, the share holding of Dashtag, UK will increase to 74.95 per cent. Dashtag has acquired 809,717 shares under buy-back offer in dematerialised form and 10,433 share in physical form.