Aurobindo Pharma to raise USD 350 million through Qualified Institutions Placement

Aurobindo Pharma on Thursday said the company will raise up to $350 million by way of Qualified Institutions Placement (QIP).

"Pursuant to clause 31 of the listing agreement we hereby inform that at the extraordinary general meeting held yesterday the members have approved the following", Aurobindo said in a statement.

"Issue of securities - pursuant to section 62(1)(c) and other applicable provisions of the Companies Act 2013 and rules made under and other applicable Acts, rules and regulations to issue shares to Qualified Institutional Buyers under Qualified Institutional Placement...up to and amount of $ 350 million or rupee equivalent thereof", the statement said.

QIP or Qualified Institutional Placement is largely a fund raising tool for the listed companies.

The board had earlier constituted a securities issue committee comprising of five board members, including two independent directors, for issue of securities.

Aurobindo shares were trading at Rs 1,182.60 apiece, up 1.07 per cent, on Bombay Stock Exchange (BSE) at 01:45 pm.