Stocks

Lupin plans to raise Rs 7,500 crore via ADRs, GDRs

R Yegya Narayanan Coimbatore | Updated on January 24, 2018

lupin

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Pharma major Lupin Ltd has planned to raise up to Rs 7,500 crore through various instruments either in domestic or overseas market or both.

An enabling resolution seeking shareholders' nod for the fund-raising move will be placed at the forthcoming AGM next month, the company said in its filings with the stock exchanges.

Lupin said its board of directors at its meeting on June 22 gave its approval in principle for raising of funds up to Rs 75,000 million (Rs 7,500 crore) by way of issue of securities i.e., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. as may be appropriate. The enabling approval of the shareholders will be sought at the AGM to be held on July 23, the company said.

However, the statement did not disclose any specific purpose for raising such a large sum like any possible acquisition - either domestic or overseas.

Shares of Lupin ended at Rs 1772.65, down 2.12 per cent on the BSE.

Published on June 23, 2015

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