Cipla to raise Rs676 cr via QIP issue

Cipla to raise Rs676 cr via QIP issue

Mumbai: Drug firm Cipla has said that it will raise Rs676 crore through the issue of equity shares on institutional placement basis.

The board of directors of the company have approved the issuance of up to 2.56 crore equity shares at Rs263.75 per equity share, thus garnering Rs676 crore, Cipla said in a filing to the Bombay Stock Exchange (BSE).

The QIP issue closed on Thursday.

Shares of the company were trading at Rs261.50, up 0.97% on the BSE.

The filing further said the price of the QIP issue was fixed at Rs263.75 per share.