Mumbai-Based Elder Pharmaceuticals To Clear All Dues By Selling Assets

Elder Pharmaceuticals Ltd, which is going through tough cash flow situations, plans to sell its assets to creditors and investors by raising funds through a combination of debt, equity and asset sale.

"We are committed to repaying all our secured and unsecured creditors by raising funds through a combination of debt, equity and asset sale. We are going through tough cash flow situations but are on the path of recovery and have substantial asset base to cover all liabilities," a company statement.

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The company has informed the stock exchanges about its intention to sell stake in its subsidiaries in the UK and Bulgaria. Raising funds is a time consuming process and cannot be done overnight as the 'due-diligence' by lenders/investors takes up many months at times, the release said.

In recent times, Elder faced a number of litigations - many of which are motivated - in effect further delaying the company's recovery or plans to sell assets.

Due to these legal issues - coupled with a slow real estate market - the company has not been able to sell off its non-core assets quickly or at the right price. But the efforts continue to realise the best value for these assets, it added.

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The company claimed it enjoys a strong goodwill in market which is enabling it to revive and increase business operations slowly but steadily.

Once the company's profitable business model reaches its earlier stage it will have sufficient cash flows to take care of various financial needs, the release said.

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Elder is a major player in the anti-infectives, multi- vitamins, cardiology and skincare segments apart from the OTC space. Although the company has sold off its 30 brands to Torrent more than a year back - it still has the international rights for these brands, including Shelcal, its leading calcium supplement brand.

Elder has started exports of these brands to about 25 countries with many more on the anvil. With overwhelming response and acceptance of its product globally, the company is looking at strong prescription base in over 70 countries by March 2017, the release said.

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Source-PTI