Cipla selling up to $175 mn shares: sources

Cipla selling up to $175 mn shares: sources

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.