What to Watch. Neuland Labs: Board approves QIP issue

The board of Neuland Laboratories on Monday approved a qualified placement issue. The company will issue up to 16.75 lakh shares through QIP. The proceeds from the issue would be used for various purposes, including repayment of debt, business growth, strengthening the balance sheet and general corporate purposes, it said. This will also enable Neuland Labs to create financial flexibility to invest in the recently-acquired APIs/backward integration manufacturing facility.