Cipla is a pharmaceutical major of India and is planning to raise Rs 676 crore via a qualified institutional placement (QIP) route. The proceeds of this QIP issue would be used for capital expenditure The company had no plans for further fund raising in the near term. The company’s total debt is Rs 500 crore. Managing Director Amar Lulla informed the mrdia.

The board of directors of the company have approved the issuance of up to 2.56 crore equity shares at Rs 263.75 per equity share, thus garnering Rs 676 crore.

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