Shares of Glenmark Pharmaceuticals and Aurobindo Pharma rose by 2.64% to 2.78% at 12:13 IST on BSE after the FIPB referred FDI proposals of both these companies to the CCEA.
Glenmark Pharmaceuticals gained 2.64% to Rs 792. The stock hit a high of Rs 798.15 and a low of Rs 768.95 so far during the day.
Aurobindo Pharma rose 2.78% to Rs 1,066.90. The stock hit a high of Rs 1,080 and a low of Rs 1,053 so far during the day.
Meanwhile, the BSE Sensex was down 137.02 points, or 0.47% to 29,321.79
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on 4 February 2015, the government yesterday, 19 February 2015 said that two foreign direct investment (FDI) proposals by pharma companies Glenmark Pharmaceuticals and Aurobindo Pharma have been recommended for consideration of the cabinet committee of economic affairs (CCEA) as the investment involved in each of the proposal is above Rs 1200 crore.
The Foreign Investment Promotion Board (FIPB) has sent the proposal of Glenmark Pharmaceuticals to bring in FDI of Rs 2022 crore by raising the cap of foreign institutional investor (FII) holding to 49% from present 35.07% to the CCEA. FIBP also sent the proposal of Aurobindo Pharma for bringing in FDI of approximately Rs 2165 crore by Qualified Institutional Buyers to the CCEA.
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