Business Daily from THE HINDU group of publications
Thursday, Sep 24, 2009
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Business Daily from THE HINDU group of publications Thursday, Sep 24, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Private Placement
Our Bureau Mumbai, Sept. 23 Drug-maker Cipla has raised about $140 million (an estimated Rs 671 crore) through Qualified Institutional Placements (QIP), a source familiar with the development told Business Line. Shares were sold at Rs 263.75 per share and the money raised will support capacity expansion that Cipla has been undertaking, the source said. The development resulted in overall equity dilution of 3.19 per cent, and a promoter-holding dilution of 1.26 per cent. As indicated on the BSE up to June 2009, promoter and group holding in Cipla stood at close to 40 per cent. Only last month, at Cipla’s shareholder meeting, an enabling resolution to raise Rs 1,500 crore to support capital expansion and pay back about Rs 800 crore debt was passed. Cipla management had said it was undertaking Rs 500-600 crore capital expenditure in two years, resulting in working capital requirements of about Rs 300 annually. Bangalore is set to get a new active pharmaceutical ingredients plant, while existing facilities at Kurkumbh and Patalganga are to be expanded, it had said. Cipla shares were down 1.5 per cent on Wednesday, at Rs 259 on the BSE. More Stories on : Private Placement | Pharmaceuticals | Cipla Ltd
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