Aurobindo Pharma is down almost 3 percent in trade today to Rs 1,078 after it decided to raise USD 350 million (around Rs 2,166 crore) through issue of securities for funding its business expansion.
The company's board, which met Tuesday, has approved to raise funds through issue of securities up to an amount of USD 350 million via follow on offer, qualified institutions placement, further public offer or private placement, Aurobindo Pharma said in a filing to the BSE.
The board has constituted a Securities Issue Committee consisting of five board members including two independent directors, for issue of securities, it added.
The Hyderabad-based firm features among the top ten companies in India in terms of consolidated revenues. It exports to over 125 countries across the globe with more than 70 percent of its revenues derived out of international operations.
The company has presence in key therapeutic segments such as neurosciences, cardiovascular, anti-retrovirals, anti-diabetics, gastroenterology and cephalosporins,among others.
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