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.