Pharmabiz
 

Aurobindo issues 2,370,000 equity shares to Merlion India at Rs.375/share

Our Bureau, HyderabadThursday, February 19, 2004, 08:00 Hrs  [IST]

Aurobindo Pharma announced that it has issued 2,370,000 equity shares to the Merlion India Fund at Rs.375 per share, aggregating to Rs.88.9 crore. Merlion India will have a 4.45 per cent shareholding in the company’s fully diluted post-issue equity after exercise of Promoter Warrants, allotted recently. Karam Butalia, managing director at Merlion and global head for private equity at Standard Chartered has been appointed a director of Aurobindo. Citigroup acted as the exclusive arranger for this placement by Aurobindo. “The induction of a strong long-term partner such as Merlion India demonstrates the company’s positioning in the investor community”, said PV Ramaprasad Reddy, chairman of the company. “Aurobindo represents a key pharmaceutical sector investment for Merlion. With its strong chemistry skills and cost-advantage, Aurobindo will soon be able to transform itself into a global generics player” added Butalia.

 
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