Ind Swift Labs gets shareholders nod to raise Rs 500 cr

Drug firm Ind Swift Laboratories today said its shareholders have approved raising funds up to Rs 500 crore through issue of securities.

The members have approved to raise funds up to Rs 500 crore through issue of Global Depositary Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) and Convertible Bonds, Ind Swift Laboratories said in a filing to the Bombay Stock Exchange (BSE).

However, the company did not provide a time line for raising the funds.

"The members have also approved declaration of dividend of Re 1 per share of face value of Rs 10 each for the financial year 2010-11," it said.

 

The Chandigarh-based firm is into manufacturing of active pharmaceutical ingredients.

Shares of Ind Swift Laboratories today closed at Rs 83.75 on the BSE, up 0.72% from previous close.