The market meltdown has put paid to one more listing plan for now: that of Biocon’s custom research subsidiary, Syngene International.
“We will not list Syngene this fiscal. It would be suicidal,” Biocon’s CMD, Ms Kiran Mazumdar-Shaw, emphatically told a news conference on Thursday. Biocon had planned to tap the capital market for Syngene during this fiscal.
Syngene’s numbers, she said, caused concern last quarter but it has now bounced back with 21 per cent growth over the last quarter and nine per cent year on year. The company has a cash reserve of Rs 355 crore from the sale of its enzymes business last year, reports The Hindu Business Line.
Source: Moneycontrol.com
Tuesday, October 28, 2008
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