By P.R. Venkat
Shanghai Fosun Pharmaceutical (Group) Co. (2196.HK) said it is planning to raise as much as 12.50 billion rupees ($166.31 million) through an initial public offering of its unit, Gland Pharma Group, in India.
The company is planning to sell up to 34.86 million shares will be traded on the National Stock Exchange and Bombay Stock Exchange, Fosun Pharma said in a filing late Friday.
The company said that it has already filed a draft prospectus with the Securities and Exchange Board of India as well as the two Indian stock exchanges.
Gland Pharma, established in 1974, is in the business of developing and manufacturing small molecule injectable generic drugs.
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