Indian pharma firm Cipla's board okays $400m fundraising proposal

Indian pharmaceuticals major Cipla Ltd on Friday said that its board had approved a proposal to raise up to Rs3,000 crore through sale of equity shares or equity linked instruments, the company said in a stock exchange filing.

“Raising funds upto Rs3,000 crore by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities / financial instruments convertible into equity shares, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement in accordance with the provisions of the applicable law,” the company said in the filing.

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