CCEA approved two FIIs proposals in pharma companies

CCEA approved two FIIs proposals in pharmaceutical companies Aurobindo and Glenmark

The Union Cabinet Committee on Economic Affairs (CCEA) on 7 April 2015 approved two FIIs (Foreign Institutional Investors) proposals worth 4187 crore rupees in the pharmaceutical majors Aurobindo Pharma Ltd. and Glenmark Pharmaceutical Ltd.

The CCEA’s approval for QIBs (Qualified Institutional Buyers) in Aurobindo Pharma Ltd. will increase the FIIs share in the company from 27.32 to 34.32 resulting in an inflow of about 2165 crore rupees. The funds will enable the company to expand its operations in the areas of anti infective, cardiovascular and central nervous system related ingredients.

The CCEA’s clearance for FIIs in Glenmark Pharmaceutical Ltd. will increase the FIIs share in the company from 35.07 percent to 49 percent resulting in an inflow of about 2022 crore rupees.