Natco Pharma gains on FIPB nod for QIP, hike in FII limit

The FIPB approved QIP to raise up to Rs 450 crore and hike in foreign investment limit to 31.5% from 24%

Shares of Natco Pharma were up nearly 2% at Rs 2,325 on the Bombay Stock Exchange after the Foreign Investment Promotion Board (FIPB) approved both the company's foreign direct investment related proposals.

The FIPB has approved hike in foreign investment limit to 31.5% from 24% of the paid-up equity share capital, Natco Pharma said in a release.

FIPB has also approved issue and allotment of eligible securities to qualified institutional buyers up to Rs 450 crore, the release added.

The stock opened at Rs 2,310 and touched a high of Rs 2,352. At 10:10AM over 21,000 shares were traded on both the stock exchanges.