Cadila Healthcare shares up 1% on FIPB nod

Shares of Cadila Healthcare rose over 1% on Friday after the government approved its proposal of raising Rs 5,000 crore on Thursday.

At 1023 hours, the shares of Cadila Healthcare were trading at Rs 318.60, up Rs 3.20 or 1.01% from previous day's close. 

The Foreign Investment Promotion Board (FIBP) approved proposals from five companies to raise fresh capital from foreign investors, which also included Cadila Healthcare's equity infusion proposal too.

Cadila will infuse equity of up to Rs 5,000 crore through issue of shares to QIBs through Qualified Institutional Placement for expansion.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on December 21, the government has approved five proposals of FDI amounting to Rs 6,050.10 crore," an official statement said here.

The FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, however deferred six FDI proposals.