Solara proposed to utilise the proceeds for setting up a large-scale greenfield manufacturing facility and cater for future growth opportunities
The board of directors of Solara Active Pharma Sciences at their recently held meeting approved an aggregate fundraising of ₹ 4,600 million over a period of 18 months from the Promoters’ Group and TPG Growth IV SF (TPG Growth) through allotment of convertible warrants.
According to Equity Bulls, the promoters’ group will infuse an aggregate amount of ₹ 2,600 million for 6.5 million warrants at ₹ 400 per share. TPG will infuse an aggregate amount of ₹ 2,000 million for 4 million warrants at ₹ 500 per share.
TPG will have no special rights or a separate shareholders agreement, however Solara will offer one Board seat to a TPG nominee.
Solara proposed to utilise the proceeds for setting up a large-scale greenfield manufacturing facility and cater for future growth opportunities with no additional leverage.