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Aurobindo Pharma to raise $350 million through QIP

Aurobindo Pharma Limited on Thursday said the company will raise up to USD 350 million by way of Qualified Institutions Placement (QIP).

Hyderabad: Aurobindo Pharma Limited on Thursday said the company will raise up to USD 350 million by way of Qualified Institutions Placement (QIP).

"Pursuant to clause 31 of the listing agreement, we hereby inform that at the extraordinary general meeting held yesterday...The members have approved the following.

"Issue of securities - pursuant to section 62(1)(c) and other applicable provisions of the Companies Act 2013 and rules made under and other applicable Acts, rules and regulations to issue shares to Qualified Institutional Buyers under Qualified Institutional Placement...Up to and amount of USD 350 million or rupee equivalent thereof," Aurobindo said in a statement.

QIP or Qualified Institutional Placement is largely a fund raising tool for the listed companies.

The board had earlier constituted a securities issue committee comprising of five board members, including two independent directors, for issue of securities.

Aurobindo shares were trading at Rs 1,182.60 apiece, up 1.07 percent, on BSE at 1345 hours.