Cipla board nod to Rs 3000 crore fundraising proposal

New Delhi: Amidst the economic impact of the COVID-19 pandemic, drug major Cipla Ltd recently apprised that the company's board had approved a proposal to raise up to Rs 3000 crore through the sale of equity shares or equity-linked instruments.

This came following a meeting held by the Board of the Directors of the Company on 15th May 2020.

"Raising funds up to Rs3,000 crore by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities / financial instruments convertible into equity shares, whether denominated in Indian Rupee and/or foreign currency(ies), through a public issue or a private placement in accordance with the provisions of the applicable law," Cipla said in a filing.

Also Read: Cipla Donates Rs 25 Crores In Battle Against Corona

The fundraising is subject to necessary permissions, sanctions, and approvals (including shareholders' approval and such other statutory approvals as may be required) and the provisions of the laws, Cipla added. 

The drugmaker also shared the financial details of the company stating that the company's stock has gained 19 percent since the beginning of the year to close at Rs570.2 on May 15, on the BSE.