Aurobindo EGM approves fund raising plan

Company to raise funds through issue of securities upto $350 million

Aurobindo Pharma Limited today informed the Bombay Stock Exchange (BSE) that the members at the extraordinary general meeting held yesterday had approved its fund raising proposal.

On December 11, 2014, the board of directors of Aurobindo decided to raise funds through issue of securities up to $ 350 million.

The members approved a special resolution "to issue shares to Qualified Institutions Buyers(QIB) under Qualified Institutions Placement (QIP) up to an amount of $ 350 million or rupee equivalent thereof,” the company said in the filing to the stock exchange.

An Aurobindo spokesperson had earlier told Business Standard that the money had been raised to fund growth and expansion of business. In December, the company had concluded the acquisition the US nutraceutials company Natrol Inc through an auction for $132.5 million.

Aurobindo scrip ended the at Rs 1,180.30,  up 0.87 per cent or Rs 10.20 over the previous close on the BSE.