Cipla raises Rs 675 cr via QIP

Cipla Ltd said it has raised Rs 675.99 crore by allotting over 2.56 crore equity shares.

Drug maker Cipla Ltd on Tuesday said it has raised Rs 675.99 crore by allotting over 2.56 crore equity shares to qualified institutional buyers on preferential basis.

The duly authorised Committee of Directors (CoD) allotted the equity shares at its meeting held on Tuesday,Cipla informed the Bombay Stock Exchange in a regulatory disclosure.

The committee allotted 2,56,30,000 fully paid-up equity shares of Rs 2 each at an issue price of Rs 263.75 including a premium of Rs 261.75 per piece,it said.

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The equity shares were allotted to qualified institutional bidders under the terms of qualified institutional placement as per SEBI guidelines,it said.

The company is focused on developing new drug formulations for existing and active drug substances.

Shares of the company closed at Rs 279.85,up 4.73 per cent from previous close on the BSE.

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