Is Sterling Biotech planning an IPO or relisting?

There is no indication of any IPO or relisting plans. The company's assets remain under ED attachment and the promoters are fugitive economic offenders. The possibility of revival or relisting is extremely remote given the scale of the alleged fraud and ongoing legal proceedings.

How do I buy Sterling Biotech unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Sterling Biotech?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Sterling Biotech shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Sterling Biotech Unlisted Share Price | Buy Sterling Biotech Pre-IPO Shares — wisefolio

Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

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Sterling Biotech Unlisted Share Price | Buy Sterling Biotech Pre-IPO Shares — wisefolio | wisefolio

Investment Thesis

Sterling Biotech Limited is a cautionary tale of corporate fraud in India's pharmaceutical sector. Once a significant gelatin and API manufacturer, the company was hollowed out by its promoters — the Sandesara brothers — who allegedly defrauded 14 banks of over ₹8,000 Cr before fleeing to Nigeria in 2017. The company is now delisted, its assets are under ED attachment, and shares trade at ₹1. Investment in this company carries extreme risk with near-zero probability of value recovery.

Pros

Sterling Biotech was once one of India's largest gelatin manufacturers, with significant export operations and a global presence in pharmaceutical gelatin, soft gel capsules, and APIs.
The company had manufacturing facilities in Gujarat (Bharuch and Jambusar) with large-scale production capacity for pharmaceutical gelatin and collagen.

Cons

Sterling Biotech was delisted from Indian stock exchanges following massive financial fraud by promoters Chetan and Nitin Sandesara, who allegedly siphoned thousands of crores through bank loans.
The Sandesara brothers (promoters) fled India and are currently fugitive economic offenders; the Enforcement Directorate (ED) and CBI have filed cases against the company and its promoters.
The company defaulted on loans exceeding ₹8,000 Cr from a consortium of banks including SBI, making it one of India's largest banking fraud cases.
Share price has collapsed to ₹1 in the unlisted market, reflecting near-total loss of investor value.

Business Segments

Pharmaceutical Gelatin

Manufacturing of pharmaceutical-grade gelatin used in capsule shells and excipients, exported globally

Soft Gelatin Capsules

Contract manufacturing of soft gel capsules for pharmaceutical clients

Active Pharmaceutical Ingredients (APIs)

Production of APIs for pharmaceutical formulations

Collagen Products

Animal-derived collagen for pharmaceutical and nutraceutical applications

Revenue Model

Sterling Biotech historically generated revenue from manufacturing and selling pharmaceutical gelatin, soft gelatin capsules, APIs, and collagen products both domestically and through exports. The company had large-scale manufacturing plants in Gujarat. However, operations have been severely disrupted since 2017 due to the fraud case and asset attachments.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds3

Industry Headwinds

Ongoing ED and CBI proceedings could result in further asset attachment and liquidation

Bank recovery proceedings by the 14-bank consortium could result in insolvency proceedings under IBC

No promoter or management in place to revive operations

Recent Developments

Declared Fugitive Economic Offenders

A special court declared Chetan and Nitin Sandesara as Fugitive Economic Offenders under the FEO Act, enabling attachment and confiscation of their properties.

2020-01

ED Asset Attachment

The Enforcement Directorate attached assets worth over ₹4,700 Cr belonging to the Sandesara group under the Prevention of Money Laundering Act (PMLA).

2019-01

Comparable Companies

CompanyTypeTickerMkt Cap

Nitta Gelatin IndiaPE: 15xxListedNITTAGEL400 Cr

Nitta Gelatin IndiaListed

NITTAGEL · 400 Cr

PE: 15xx

Frequently Asked Questions

Sterling Biotech Limited was incorporated in 1985 and was primarily engaged in manufacturing pharmaceutical gelatin, collagen, soft gelatin capsules, and active pharmaceutical ingredients (APIs). It operated large manufacturing plants in Bharuch and Jambusar, Gujarat, and exported to multiple countries. However, the company has been effectively non-operational since its promoters fled India in 2017.

Sterling Biotech was delisted from Indian stock exchanges after its promoters, the Sandesara brothers (Chetan and Nitin Sandesara), were accused of a massive bank fraud of over ₹8,000 Cr. The promoters allegedly siphoned funds through fictitious exports and shell companies. They fled to Nigeria in 2017 and were declared fugitive economic offenders by Indian courts. The ED and CBI have seized assets worth thousands of crores.

The promoters are Chetan Jayantilal Sandesara and Nitin Jayantilal Sandesara (the Sandesara brothers), along with family members. They are currently declared Fugitive Economic Offenders (FEOs) under India's Fugitive Economic Offenders Act. The brothers reportedly fled to Nigeria in 2017. The ED has attached significant assets of the Sandesara group including properties, bank accounts, and company shares.

Sterling Biotech is effectively a defunct company. Its assets are under attachment by the Enforcement Directorate (ED) and are subject to bank recovery proceedings. The company defaulted on loans exceeding ₹8,000 Cr from a consortium of 14 banks led by SBI. The share trades at ₹1 in the unlisted market, and recovery of investor value is extremely unlikely given the ongoing legal proceedings and asset attachment.

About Sterling Biotech

Sterling Biotech Limited is one of India's largest manufacturers of gelatin and gelatin-based pharmaceutical excipients, based in Mumbai with manufacturing facilities in Vadodara, Gujarat. Founded in December 1985, the company was promoted by the Sandesara family and grew to become a significant player in the global gelatin market, supplying pharmaceutical-grade gelatin capsules, hard gelatin capsules, and collagen products to domestic and international customers. The company operates primarily through its gelatin manufacturing segment, converting animal hides and bones into pharmaceutical, food-grade, and industrial gelatin. At its peak, Sterling Biotech had manufacturing capacity across facilities in Gujarat and was a major supplier to domestic pharmaceutical companies for their capsule manufacturing needs. The company also had overseas operations and exported to several countries in Asia, Europe, and the Americas. Sterling Biotech's history is significantly defined by a major financial fraud scandal. The Sandesara promoter family — led by Nitin Sandesara, Chetan Sandesara, and Dipesh Patel — were found to have allegedly diverted over ₹8,100 crore in bank loans through a complex network of shell companies. This scandal involved Andhra Bank as the lead lender in a consortium of banks. The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) filed cases against the promoters, who fled India and were declared fugitive economic offenders. On June 11, 2018, the National Company Law Tribunal (NCLT) in Mumbai admitted a petition by Andhra Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), initiating Corporate Insolvency Resolution Process (CIRP) against Sterling Biotech. The case became a landmark in India's insolvency framework, with complex legal battles involving the Supreme Court. In April 2026, the Supreme Court brought the matter to a conclusive end after recording a total recovery of approximately ₹9,800 crore, directing final settlement of all proceedings. Despite the fraud overlay, the underlying gelatin and pharma-excipient manufacturing business had genuine industrial assets. The company's gelatin operations supplied hard gelatin capsules to major Indian pharmaceutical companies. Post-resolution, the assets have been managed under court supervision, with the company's operational status remaining complicated due to ongoing legal proceedings for much of the 2019–2026 period.

Key Milestones

Common questions about unlisted shares

How do I buy Sterling Biotech unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings13

Promoter RiskHigh

Major bank fraud case — promoters Nitin and Chetan Sandesara alleged to have diverted ₹8,100 crore through shell companies; declared fugitive economic offenders

Source: Company Financial Filings

Promoter RiskLow

CBI and Enforcement Directorate have registered multiple cases; promoters absconded from India

Source: Media Reports / Public Records

Insolvency RiskLow

NCLT insolvency proceedings initiated June 2018 by Andhra Bank under IBC

Source: IBBI / MCA Public Records

Fraud / GovernanceLow

Classified as a Non-Performing Asset (NPA) by multiple banks in lending consortium

Source: Media Reports / Public Records

Regulatory / LegalLow

Supreme Court involvement in settlement proceedings reflects complexity and severity of the case

Source: Regulatory Filings

Financial PerformanceHigh

Company reported a net loss of ₹41.25 Cr — may signal structural profitability challenges

Source: Financial data

Leverage & DebtHigh

Debt-to-equity ratio of 5.72x indicates elevated leverage — increases financial risk in downturns

Source: Financial data

Leverage & DebtHigh

Interest coverage ratio of -0.02x — EBIT does not fully cover interest expenses; risk of debt default

Source: Financial data

Leverage & DebtHigh

CRISIL rating of CARE D — sub-investment grade; indicates elevated credit risk

Source: CRISIL

Legal

Company and its promoters face multiple criminal cases from ED, CBI, and bank consortium for alleged fraud exceeding ₹8,000 Cr; promoters are declared fugitive economic offenders.

Financial

Company defaulted on loans exceeding ₹8,000 Cr to a 14-bank consortium led by SBI; assets are under attachment and subject to bank recovery proceedings.

Operational

Company is effectively non-operational since 2017 when promoters fled; manufacturing facilities in Gujarat are either seized or non-functional.

Investment

Share price at ₹1 (near-zero) reflects virtually complete destruction of shareholder value; recovery prospects are negligible.

Sterling Biotech Limited

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