Drug Firm Cipla today said it will raise Rs 676 crore through the issue of equity shares on institutional placement basis.     

The board of directors of the company have approved the issuance of up to 2.56 crore equity shares at Rs 263.75 per equity share, thus garnering Rs 676 crore, Cipla said in a filing to the Bombay Stock Exchange (BSE).     

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Shares of the company were trading at Rs 261.50, up 0.97 per cent on the BSE.     

The filing further said the price of the QIP issue was fixed at Rs 263.75 per share.

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