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Alembic Pharma gets approval from its board to raise up to Rs 1,000 crore via QIP

On May 22, the company's board had passed an enabling resolution to raise up to Rs 1,200 crore by issue of securities

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Alembic Pharmaceuticals informed that its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP).

The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing.

Further, the board has delegated its authority to a fund-raising committee which shall be authorised to take decisions with respect to the issue, it added.

On May 22, the company’s board had passed an enabling resolution to raise up to Rs 1,200 crore by issue of securities.

Alembic Pharmaceuticals has three research and development (R&D) facilities — two in India’s Vadodara and Hyderabad, and one in the US.

According to its website, the company has six formulations and three active pharmaceutical ingredients (API) manufacturing facilities.

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