Home >Companies >Lupin gets shareholders nod to raise up to Rs7,500 cr

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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