Monday, December 28, 2015

Aurobindo Pharma gets shareholders’ nod to raise $600 mn

Aurobindo Pharma Ltd has obtained shareholders’ approval to raise up to about ₹3,974 crore ($600 million) by issuing securities.

In a disclosure to the BSE on Thursday, the Hyderabad based company said 99.98 per cent of its shareholders voted in favour of the special resolution moved for the purpose.

Aurobindo plans to use the funds to meet additional capital expenditure. According to Managing Director N Govindarajan, the capex needs are for API expansion as well as finished dosage expansion for moving products from Europe to India and also certain complex filings/registrations which should be shifted from Europe to India.

USFDA approval

The company also said it has received final approval from the USFDA to manufacture and market famotidine tablets used for the short-term treatment of gastroesophageal reflux disease and active duodenal ulcer.

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