Aurobindo Pharma Ltd Board approves QIP

The Board of Directors of Aurobindo Pharma Ltd have considered and approved raising of funds by the Company through Issue of Securities upto an amount of USD 350 Million or Rupee equivalent thereof and constitution of a Securities issue Committee.

The Board of Directors of the Company at its meeting held on December 10, 2014, have resolved subject to the approval of the members of the Company in terms of the provisions of the Companies Act, 2013 and of other applicable laws, regulations etc., issuance of Equity Shares through a Qualified Institutions Placement ("QIP") to Qualified Institutional Buyers ("QIB") as per the SEBl (ICDR) Regulations, provided that the aggregate amount to be raised by issue of Securities shall not exceed a sum of US$ 350 million or Rupee equivalent thereof.

At the aforesaid meeting, it has also been decided to hold a general meeting of the members of the Company for the above purpose on January 21, 2015.

Shares of AUROBINDO PHARMA LTD. was last trading in BSE at Rs.1123.15 as compared to the previous close of Rs. 1124.35. The total number of shares traded during the day was 36677 in over 2716 trades.

The stock hit an intraday high of Rs. 1131.4 and intraday low of 1108.5. The net turnover during the day was Rs. 41119862.

Source : Equity Bulls

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