Aurobindo pref issue gets shareholder nod

Aurobindo Pharma received shareholders' nod at its extraordinary general meeting (EGM) here for the issue of 38 lakh equity shares/ share warrants on preferential basis at a price of Rs 604 per share (on Rs 10 face value basis), fetching an amount of Rs 229.52 crore.

The EGM also approved the resolution increasing the investment limit of foreign institutional investors (FIIs) from 24 per cent to 49 per cent of the paid-up capital.

While the FIIs currently hold 13.89 per cent stake in the company, it will go up to 20 per cent in the expanded equity base of Rs 28 crore after the preferential offer.