BackLupin gets shareholders nod to raise up to Rs7,500 cr
Lupin's board had given in-principle approval for raising funds of up to `7,500 crore last month
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New Delhi: Mumbai-based drug maker Lupin Ltd on Saturday said it has received approval from shareholders to raise up to ₹ 7,500 crore through issue of securities.
In a filing to the BSE, the Mumbai-based firm said shareholders have approved a proposal on Saturday “to raise funds for an amount not exceeding ₹ 7,500 crore through issue of securities".
The shareholders also approved reappointment of Desh Bandhu Gupta as executive chairman of the company for five years with effect from 1 January 2016, it added.
The members also approved reappointment of Kamal K. Sharma as vice-chairman of the company for a period of two years, with effect from 29 September 2015.
Last month, the company’s board had given in-principle approval for raising funds of up to ₹ 7,500 crore and now shareholders in the annual general meeting (AGM) have approved the fundraising exercise. The filing, however, did not disclose the purpose of the fundraising. PTI
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