Actis Biologics (India) is on the verge of finalizing a contract with private equity (PE) players in order to sell its 15 percent equity stake.

The company has entered in advanced stages of talks with three overseas players to raise Rs 1.25 billion via issue of fresh shares.

The funds lifted will go towards the new plant to be set up at Khopoli in Mumbai. The estimated cost for the plant would be $9.5 million.

The remaining funds would be used to meet up the company’s day-to day expenses by the next 10 months till the plant is up and running and starts making revenue.

Actis has already invested around $10 million in its R&D plant in Mumbai. The company intends to roll out its new technology `VFF2` by next fiscal.

Actis Biologics is continuing its research and is also scouting for acquisition opportunities in the form of technology or smaller biotech firms.