Alembic Pharma gets board approval to raise up to Rs 1,000 cr via QIP

Alembic Pharmaceuticals on Monday said its board has given an approval to raise up to Rs 1,000 crore through a qualified institutions placement (QIP).

The board, at its meeting held on Monday, has accorded its approval to raise up to Rs 1,000 crore through a QIP issue of equity shares, Alembic Pharmaceuticals said in a regulatory filing.

Further, the board has delegated its authority to a fund-raising committee which shall be authorised to take decisions with respect to the issue, it added.

On May 22, the company's board had passed an enabling resolution to raise up to Rs 1,200 crore by issue of