Aurobindo Pharma Ltd will be raising about Rs 2,000 crore through issue of securities to fund its growth and expansion plans.
The board of directors of the Hyderabad-based company has approved the issue of capital to raise $350 million, the company informed the Bombay Stock Exchange. Any available channels, including qualified institutional placement and a follow-on offer, could be deployed for the purpose.
To look into the modalities, Aurobindo has formed a securities issue committee consisting of five members, including independent directors.
Its scrip lost 2.92 per cent on the Bombay Stock Exchange on Wednesday and is trading at Rs 1,078.05 after the opening of trade.