Aurobindo Pharma plans to raise funds from global markets
06 Jul 2005
Hyderabad: Aurobindo Pharma (APL) plans to raise $60 million (Rs264 crore) from the global markets.
Recently
the company received four US Food and Drug Administration
approvals for its generic anti-retroviral drugs (ARVs),
which are expected to open up huge global business opportunities.
The funds from the proposed issue would be utilised for new projects, the modernisation and expansion of existing plants, overseas direct investment in joint ventures or wholly-owned subsidiaries, acquisitions and other purposes, including repaying of existing loans.
The
company proposes to list the foreign currency convertible
bonds (FCCBs) on one or more foreign stock exchanges and
convert
them into equity shares at a conversion price to be decided
between the company and overseas investors.