Aurobindo Pharma lost 2.17% to Rs 1,086.40 at 13:50 IST on BSE after the company said its board approved raising of funds upto an amount of $350 million.
The announcement was made after market hours yesterday, 25 November 2014.
Meanwhile, the S&P BSE Sensex was up 86.38 points or 0.3% at 28,424.43.
On BSE, so far 70,000 shares were traded in the counter, compared with an average volume of 1.55 lakh shares in the past one quarter.
The stock hit a high of Rs 1,112 and a low of Rs 1,074.05 so far during the day. The stock had hit a 52-week low of Rs 280.50 on 25 November 2013. The stock had hit a record high of Rs 1,151.70 on 19 November 2014.
The stock had outperformed the market over the past one month till 25 November 2014, surging 15.14% compared with the Sensex's 5.54% rise. The scrip had also outperformed the market in past one quarter, jumping 35.67% as against Sensex's 7.19% rise.
The large-cap company has equity capital of Rs 29.15 crore. Face value per share is Re 1.
Aurobindo Pharma's board of directors at its meeting held yesterday, 25 November 2014, inter alia, approved raising of the funds by the company through issue of securities upto an amount of $350 million or rupee equivalent thereof through follow on offer, qualified institutions placement, further public offer and/or private placement or by such other method subject to approval of the shareholders. The Board has constituted a Securities Issue Committee consisting five board members including two independent directors, to do all such acts, deeds, matters and things as may be required for issue of securities as they may deem fit in accordance with the applicable laws, Aurobindo Pharma said.
Aurobindo Pharma's consolidated net profit rose 58.4% to Rs 372.18 crore on 50.8% growth in net sales to Rs 2862.19 crore in Q2 September 2014 over Q2 September 2013.
Aurobindo Pharma manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company's manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company's robust product portfolio is spread over 6 major therapeutic/product areas encompassing antibiotics, anti-retrovirals, CVS, CNS, gastroenterologicals, and anti-allergics, supported by an outstanding R&D set-up. The company is marketing these products globally, in over 125 countries.
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