Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP).

The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing.

Further, the board has delegated its authority to a fund-raising committee which shall be authorised to take decisions with respect to the issue, it added.

On May 22, the company's board had passed an enabling resolution to raise up to Rs 1,200 crore by issue of securities.

Alembic Pharmaceuticals has three research and development (R&D) facilities -- two in India's Vadodara and Hyderabad, and one in the US.

According to its website, the company has six formulation and three active pharmaceutical ingredient (API) manufacturing facilities.

Five formulation production units in Gujarat are located near Vadodara, three at Panelav and two at Karakhadi. This apart, one facility is located in Sikkim.

The company currently manufactures general oral solids in Panelav and is in the process of putting up oncology oral solids and oncology injectable facilities at the same location.

Besides, two API manufacturing plants located at Panelav and one at Karakhadi.