Views on Lupin - Board of Directors approve the Fund Raising: Angel Broking

Views of Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking)

Lupin has informed BSE that the Board of Directors, at their meeting held on June 22, 2015 have approved in principle, the raising of funds up to INR 7500cr through issue of Securities i.e. Equity Shares, GDRs, ADRs, Convertible Bonds, Equity linked instruments etc as may be appropriate. While the use of funds is not available, mostly the company will utilize the same for the acquisition purpose. At CMP, the dilution will be to the extent of around 9% when raised and converted, as per the instrument raised. We maintain our NEUTRAL rating on the stock.

Shares of LUPIN LTD. was last trading in BSE at Rs.1772.65 as compared to the previous close of Rs. 1811.1. The total number of shares traded during the day was 62821 in over 3893 trades.

The stock hit an intraday high of Rs. 1817 and intraday low of 1766.6. The net turnover during the day was Rs. 112062582.

Source : Equity Bulls

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