Shilpa Medicare raises Rs 172.42 cr

Drug firm Shilpa Medicare has raised around Rs 172.42 crore by allotting 30,25,000 shares to Mauritius-based TA FII Investors Ltd.
The company's board of directors today alloted 30,25,000, equity share of Re 1 each at a premium of Rs 569 per share in the name of TA FII Investors Ltd, Shilpa Medicare said in a filing to BSE.
This is pursuant to the resolution passed by the company's shareholders at the EGM held today, it added.
"Naresh Patwari has been co-opted as an additional (non-executive and non-independent) director of the company, being the nominee of TA FII Investors Ltd with effect from today...," it added.

Shares of Shilpa Medicare today closed at Rs 692.40 per scrip on BSE, down 8.30 per cent from its previous close.