Lupin gets shareholders nod to raise up to Rs 7,500 crore

NEW DELHI: Drug major Lupin today said it has received approval from its shareholders to raise up to Rs 7,500 crore through issue of securities.

In a BSE filing, the Mumbai-based firm said shareholders have approved a proposal today "to raise funds for an amount not exceeding Rs 7,500 crore through issue of securities".

The shareholders also approved reappointment of Desh Bandhu Gupta as Executive Chairman of the company for five years with effect from January 1, 2016, it added.

The members also approved reappointment of Kamal K Sharma as Vice Chairman of the company for a period of two years, with effect from September 29, 2015.

Last month the company's board had given in-principle approval for raising funds of up to Rs 7,500 crore and now shareholders in the annual general meeting (AGM) have approved the fund raising exercise.

The filing, however, did not disclose the purpose of raising the funding.