Drug firm Natco Pharma has received approval from the Foreign Investment Promotion Board (FIPB) to raise up to Rs 450 crore by issuing securities to Qualified Institutional Buyers (QIBs).
The FIPB, in its meeting held on July 13, has approved "the issue and allotment of eligible securities to Qualified Institutional Buyers (QIBs) up to Rs 450 crore," Natco Pharma said in a filing to the BSE.
It has also given nod to the second Foreign Direct Investment (FDI) related proposal for increasing foreign investment limit from 24 per cent to 31.5 per cent of the paid up equity share capital of the company, it added.
Shares of Natco Pharma today closed 5.33 per cent down at Rs 2,282.05 per scrip on the BSE.
