Natural Capsules Limited's subsidiary Natural Biogenex Private Limited, an emerging steroidal API player announced the successful completion of its maiden fund-raise of Rs 18.75 crores. The company has allotted 16.67 lakh shares representing 7.69% of the total outstanding shares post-allotment, valuing the subsidiary at Rs 225 crores premoney.

Commenting on this, Sunil Mundra, Executive Director, said: “I am pleased to announce this maiden fund-raise for our wholly-owned subsidiary Natural Biogenex Private Limited, this is the first external fund-raise that we have undertaken for our steroidal API business. Not only does this fund-raise validate our years of efforts in building this entity, but it also makes Natural Biogenex more atmanirbhar (self-reliant) in undertaking its endeavour to provide quality APIs & intermediates to our potential customers in India and in international markets. The proceeds from this fund-raise will be deployed in financing the project requirements of the API business and will allow us to scale the business with lesser financial leverage.

Natural Biogenex aims to be one of the few Indian companies producing bulk drugs using fermentation technology in the steroidal product range.