Drug firm Sun Pharmaceutical Industries on Wednesday said its board of directors has approved the proposal to raise up to Rs 8,000 crore.
The board has approved raising of funds worth up to Rs 8,000 crore through domestic or international offerings, Sun Pharmaceuticals said in a filing to the BSE.
According to the company, the proposal would be put for shareholders' approval during the annual general meeting scheduled on November 8.
The funds would be raised at an appropriate time "through domestic/international offerings including to Indian or foreign institutional investors/foreign mutual funds/overseas corporate bodies/foreigners/other foreign parties/Indian financial institutions/alternative investment funds/qualified institutional buyers/companies/individuals..."it said.
Shares of Sun Pharmaceutical Industries is up 0.24 per cent to Rs 699.25 as of 3:16pm today. They had closed at Rs 697.60 per scrip on BSE, up 0.72 per cent from its previous close on Wednesday.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
