Vivimed Labs gets nod to run SEZ in AP

Drug firm Vivimed Labs today said it has received approval from the government to set up a special economic zone for chemicals and pharmaceuticals at Srikakulam district in Andhra Pradesh.

The "in-principal" approval to develop, maintain and operate an area of 131.68 hectares has been given by Department of Commerce, Ministry of Commerce and Industry, for sector specific SEZ, the company said in a statement to Bombay Stock Exchange.

In another filing to BSE, the company said its board has decided to raise funds up to $25 million (nearly Rs 110 crore) inclusive of premium through various schemes.

The company plans to raise funds by various instruments including Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds and Qualified Institutional Placement, Vivimed added.

The board also approved to increase the authorised share capital of the company to Rs 20 crore.

The board, which met on October 9, also decided to increase Foreign Institutional Investor (FII) investment limit to 49 per cent of paid up shares capital.

Shares of Vivimed Labs were trading at Rs 334 on BSE, in the late afternoon trade, up 1.71 per cent from its previous close.