The Hindu Business Line : Sun Pharma to raise Rs 3,500 cr

With an eye on more acquisitions overseas, Sun Pharmaceutical Industries Ltd is looking to raise up to Rs 3,500 crore, the company told the Bombay Stock Exchange. The enabling resolution will seek shareholder approval at an Extra Ordinary General Meeting that will be held by the company. It is yet to be decided whether the money will be raised locally or overseas, a company official told Business Line. But the company is raising the money with a view on the consolidation expected to take place in the global generic drugs segment, the official said. In May this year, Sun Pharmaceuticals had signed an agreement to acquire Israel’s generic manufacturer Taro Pharma for $454 million (approximately Rs 1,837 crore), in what was the second largest overseas acquisition by an Indian drug company. Sun Pharma had then said that it would fund this acquisition through internal accruals and proceeds from its $350-million FCCB raised in 2004.

– Our Bureau

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