Cipla selling up to $175 mn shares: sources

Cipla selling up to $175 mn shares: sources
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First Published: Tue, Sep 22 2009. 06 30 PM IST
Updated: Tue, Sep 22 2009. 06 30 PM IST
Mumbai: Indian drug maker Cipla Ltd plans to sell shares to institutional investors at Rs263.75 each, near Tuesday’s closing price, to raise up to $175 million, two sources with direct knowledge of the deal said.
The base amount of the share sale is $110 million, with an option to raise it to $175 million, the sources said.
The deal is priced at a 0.06% discount to Tuesday’s closing price of Rs263.90.
CLSA, JPMorgan and Kotak Mahindra Capital Co are the arrangers for the deal, the sources said.
Indian firms have sold shares worth nearly $14 billion so far this year, spurred by a 75 rise in the main share index.
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First Published: Tue, Sep 22 2009. 06 30 PM IST