Lupin gets Board's nod to raise funds up to Rs 7,500 crore

Drug major Lupin on Tuesday said its Board of Directors have given in-principle approval for raising funds of up to Rs 7,500 crore.

"The Board of Directors at their meeting held on June 22, 2015, approved in principle the raising of funds up to Rs 75,000 million through issue of Securities i.e., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. as may be appropriate", Lupin said in a filing to Bombay Stock Exchange.

"Enabling approval of the shareholders to the above will be sought at the Annual General Meeting scheduled for July 23, 2015", it added.

The filing, however, did not disclose the purpose of raising the funding. Shares of Lupin were trading at Rs 1,790.15, down 1.16 per cent from its previous close on BSE.