Aurobindo to raise $350 million through issue of securities

Proceeds would be utilised to fund the expansion and growth of Aurobindo

T he board of directors has approved raising of $ 350 million (over Rs 2,000 crore) through the issue of securities, it informed the BSE Tuesday.

This will be through any of the available modes including follow-on offer and QIP.

It has constituted a Securities Issue Committee consisting of five board members, including two independent directors, for this purpose. A company spokesperson said the proceeds would be utilised for expansion and growth of Aurobindo.

The company recently emerged as the top bidder for the acquisition of US nutritional supplement maker Natrol with $132.5 million (a little over Rs 800 crore).