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The board of Natco Pharma Ltd on Saturday proposed to issue 24 lakh equity shares of Rs 10 each to CX Securities Ltd, a foreign institutional investor, on a preferential basis.
In a release, the Hyderabad-based company said the shares will be issued at a price of Rs 638.40 apiece, aggregating to Rs 153 crore, subject to the necessary approvals.
The proceeds of the issue will be used for general corporate purposes.
Natco also plans to increase the limit of NRIs/PIOs (non-resident Indians/persons of Indian origin) and FIIs to 24-49 per cent of the paid-up capital of the company.
An extraordinary general meeting of the company will be held on November 14 to consider the proposals.
naga.gunturi@thehindu.co.in
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