Cipla Ltd Board approves fund raising upto Rs. 4000 crores

The Board of Directors of Cipla Ltd at their meeting held today i.e. 22nd May 2018 has approved the raising of funds upto Rs.2000 crores by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities /financial instruments, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement in accordance with the provisions of the applicable law.

The board also approved raising funds upto Rs.2000 crores by issue of non-convertible debentures (in form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement in accordance with the provisions of the applicable law.

The fund raising is subject to necessary permissions, sanctions and approvals (including shareholders' approval and such other statutory approvals as may be required) and the provisions of the laws. The Company is seeking approval of shareholders to the aforesaid enabling resolutions at the ensuing Annual General meeting.

The meeting of the Board of Directors of the Company commenced at 9.30 a.m. and concluded at 4.00 p.m.

Shares of CIPLA LTD. was last trading in BSE at Rs.524.35 as compared to the previous close of Rs. 519.8. The total number of shares traded during the day was 184641 in over 2896 trades.

The stock hit an intraday high of Rs. 531 and intraday low of 508.1. The net turnover during the day was Rs. 96068327.

Source : Equity Bulls

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