FIPB gives nod to Natco's Rs 450-cr QIP

Approves increase of foreign investment limited to 31.5% from 24% level of paid up equity capital

Hyderabad-based Natco Pharma Limited today said it has received the Foreign Investment Promotion Board (FIPB) approval to raise the limit of foreign investment in the company.

The proposal for qualified institutional placement securities were also cleared by the board, it said.

The FIPB has approved the increase of foreign investment limited to 31.5% from the present 24% level of the paid up equity capital of the company.

The board has also approved the company's proposal to issue and allotment of eligible securities to qualified institutional buyers (QIBs) to the extent of Rs 450 crore.