Aurobindo Pharma Promoters Likely To Raise Stake

Promoters and strategic investors in Aurobindo Pharma are set to pick up additional stakes in the company by way of preferential allotment. This follows the conversion of warrants at a price between Rs 216-226 a share.

The warrant conversion will take place on September 27, the company informed the Bombay Stock Exchange on Tuesday.

Following the acquisition of an additional 37,500 shares, P V Ramaprasad Reddy, chairman of Aurobindo Pharma, will own 27.70 per cent stake (64,41,324 shares) in the company.

The other acquirers include K Nityanands Reddy and M Sivakumaran. While K Nityanands Reddy will buy 8,500 equity shares through warrant conversion and his stake will rise to 7.78 per cent (18,09,735 shares), Sivakumaran