APL to raise fund privately

Our Corporate Bureau

Hyderabad, Dec 6: The Rs 1,000-crore Aurobindo Pharma Ltd (APL) has proposed to raise finances through private placement route to part finance the ongoing expansion programme. The company has communicated to the stock exchanges on Thursday that its board is meeting on December 13 to discuss the issue. The particulars relating to premium and amount will be taken up by the board, Mr AJ Kamat APL director told The Financial Express.

After the board’s approval the company would call for an extra-ordinary meeting of the shareholders to seek their approval on the issue, Mr Kamat said.

According to APL chairman PV Ramaprasad Reddy, “we drew up a plan to rationalise our manufacturing facilities, involving closing down some of them, relocating a few and expanding some of them.” The process of rationalisation is expected to be complete during the current fiscal, he added.

“We believe that we will be in full throttle in the first quarter of 2002-03, and to ensure that the company has already taken up number of initiatives,” stated Mr Reddy.