FIIs net buyers for the week at $ 84.1 mn
Mumbai: According to the data available with the Securities and Exchange Board of India (SEBI), while Foreign Institutional Investors (FIIs) recorded net purchases of Rs367.6 crore ($84.1 million) in equities for the trading week ended June 3, the mutual funds (MFs) were net sellers at Rs302.65 crore.

While the foreign funds did not participate in the debt market for the period under review, the mutual funds were net purchasers in the debt market at Rs1209.12 crore.
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Nectar Lifesciences IPO to raise Rs100 crore
New Delhi: Nectar Lifesciences Ltd, the Chandigarh-based manufacturer of cephalosporin (antibiotic used to treat bacterial infections) and semi-synthetic penicillin, intends to raise about Rs100 crore through an initial public offering towards funding its expansion plans.

The funds will be mainly used for strengthening the company's presence in the cephalosporin segment as well as for making an entry into the non-antibiotic segment. It is planning to set up a sterile cephalosporin US FDA-approvable plant, along with putting in place a formulations facility at Baddi in Himachal Pradesh.

A part of the money will also be used in funding its research and development (R&D) and setting up a quality control centre at Dera Bassi (Punjab). Nectar Lifesciences currently has facilities to manufacture both oral and sterile bulk drugs and supplies to several domestic pharmaceutical companies. The company is also focusing on the development of more value-added cephalosporin products.

The company proposes to make a fresh issue of 38.7 lakh shares of Rs10 each through the initial public offering. The offer will constitute 26 per cent of the fully diluted post-offer paid-up capital.

The revenues of the company have been growing at about 15 per cent in the last five years. For the year ended March 31, 2005, it achieved a sales turnover of Rs232.7 crore with a net profit of Rs22.6 crore.
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