Alembic Pharma to raise Rs 1000 crore via QIP issue of equity shares
New Delhi: Gujarat-based drug firm, Alembic Pharmaceuticals, on Monday said its board has shown a green signal to raise up to Rs 1,000 crore through a Qualified Institutions Placement (QIP).
The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing.
Further, the board has delegated its authority to a fund-raising committee which shall be authorized to take decisions with respect to the issue, it added.
As per a recent media report in Economic Times, the Gujarat-based drugmaker looks to cut debt and expand businesses amid the Covid-19 pandemic, which has put pharma and life-sciences companies on top of investors radar. The proceeds from the qualified institutional placement (QIP) will be used to fund its generics business and repay high-cost debt.
Also Read: Alembic Pharma Q1 Profit jumps to Rs 301.46 crore
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