The Hindu Business Line : Shareholders okay Aurobindo Pharma's $60-m FCCB issue

THE shareholders of Aurobindo Pharma Ltd at the extraordinary general meeting (EGM) held here recently have approved the proposal to raise funds to the tune of $60 million, (Rs 264 crore), by way of issue of foreign currency convertible bonds (FCCBs) in the international market.

The company proposes to list the FCCBs on the Singapore Stock Exchange. Addressing the shareholders, the Managing Director, Mr K. Nityananda Reddy, said, "Aurobindo Pharma has been ensuring that its capabilities to face the challenges of the market are upgraded, such as regulatory approved facilities and product basket and in establishing the needed infrastructure to execute its marketing strategies."

The company proposes to utilise the funds for setting up new manufacturing facilities, modernising and expanding the capacities of existing facilities, going in for acquisitions and mergers, setting up of foreign joint ventures and wholly-owned subsidiaries. A portion of the funds would also be used for repayment of existing loans, he said.

Keeping in view the proposed issue of FCCBs, the pharma major also obtained the approval of its shareholders for raising its borrowing powers to Rs 1,500 crore from the existing limit of Rs 1,200 crore.

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
PowerGrid bags Bhutan project

Suprajit increases production capacity of cable division

Kanoria Chem to hike power production

Ranbaxy gets tentative FDA nod for diabetes drug

Shareholders okay Aurobindo Pharma's $60-m FCCB issue

HM-Mitsubishi to expand operations

SAIL okays new slab caster for Bhilai Steel

Agro Dutch plans unit in Chennai to produce cans

Gurgaon incident won't impact FDI inflows, say MNC chiefs

Delphi, Varroc join hands for OE market

OTS delay hampers Trayons revival