Jordan’s Hikma likely to acquire Kopran
Is Kopran Ltd changing hands? Though this was neither confirmed nor denied outright by top company officials, market sources confirmed that it has appointed Enam as merchant banker for a possible deal for acquisition of majority stake by a Jordanian company called Hikma Pharmaceuticals in it.
Merchant banking sources in Mumbai said that Yes Bank has been appointed by the intending acquirer of Kopran to conduct a due diligence exercise.
It is understood that Hikma has plans to make further investment for development of more drugs through Kopran for the US market, if the deal goes through.
Kopran, which is on a turnaround path, had paid-up equity of Rs 31.57 crore as on June 30, 2006.
However, it allotted 2.26 lakh shares to SBI and 4.50 lakh shares to IDBI at Rs 44.83 per share of Rs 10 each, raising the paid-up capital by Rs 68 lakh. It had also increased its authorised capital.
As per the latest shareholding data (as on September 30), the promoter group controlled 29.28 per cent and institutional holding was placed at 29.11 per cent.
Of the institutions, Clearwater Capital Partners Cyprus Ltd, an FII, holds 14.64 per cent of current paid-up equity, HDFC Trustee Co 5.74 per cent, IDBI 2.94 per cent and HSBC Financial Services Middle East 2.42 per cent (another overseas entity).
At present, the holdings of Clearwater and SBI, as also 1.39 per cent of IDBI, are in lock-in mode.
Kopran reported net loss of about Rs 4.23 crore in 2005-06 against loss of Rs 26.85 crore in 2004-05.
In the first quarter of the current fiscal, it recorded a profit after tax of Rs 20 lakh.
On Friday, the Kopran scrip closed at Rs 39.75 and recorded combined traded quantity of 57,734 on the NSE and the BSE.
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