FDC Limited

FDC Limited is a fully integrated research-oriented pharmaceutical company engaged in the manufacturing and marketing of Formulations (Finished Dosage Forms) and Active Pharmaceutical Ingredients (APIs). FDC's formulation department designs and develops products for various global markets and the highly regulated markets of US and Europe. The company has built a visible presence in the Regulated and Emerging markets. FDC has 2 wholly owned subsidiaries namely FDC Inc. USA and FDC International Ltd UK and 1 Joint Venture business namely Fair Deal Corporation Pharmaceutical SA (Pty) Ltd. at South Africa as on 31 March 2019.FDC manufactures Electral oral rehydration salt (ORS) being a leader in this segment. FDC manufactures bulk drugs formulations and food products. The plant at Roha manufactures pharma dosage forms food products and bulk drugs for the anti-rheumatic anti-asthmatic opthalmic and ENT segments. The company part financed its technical upgradation/modernisation/backward integration/expansion plans from the proceeds of its initial public issue in Jan.'96. The financials of the company are improving, RoNW is 18.49% and at CMP its looks fully priced. Price difference is around 35% and acceptance ration as per current share holding for retail will be around 3%, but it may be possible that this ratio may go down as more people will buy for buyback and so we may expect the final acceptance ratio may be around 10% and profit may be 5%. So we give AVOID rating to this buyback, but who are holding may tender their shares and get profit by price difference.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal