The board of city-based biopharmaceutical company Suven Life Sciences Limited has approved a proposal to raise funds to the tune of $50 million (about Rs 241 crore) through issue of equity shares, global depository receipts, American depository receipts, foreign currency convertible bonds or other securities.

The company would use these funds to meet its research and clinical development expenditure,and for creating a dedicated drug discovery centre among others.

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