Lupin gets Board's nod to raise funds up to Rs 7,500 crore

Drug major Lupin on Tuesday said its Board of Directors have given in-principle approval for raising funds of up to Rs 7,500 crore.

"The Board of Directors at their meeting held on June 22, 2015, approved in principle the raising of funds up to Rs 75,000 million through issue of Securities i.E., equity shares, GDRs, ADRs, convertible bonds, equity linked instruments, etc. As may be appropriate," Lupin said in a filing to BSE.

Enabling approval of the shareholders to the above will be sought at the Annual General Meeting scheduled for July 23, 2015, it added.

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

Shares of Lupin were trading at Rs 1,790.15, down 1.16 per cent from its previous close on BSE.

Venus Remedies shares surge nearly 14%

Shares of Venus Remedies surged nearly 14 percent today after the company announced the issue of equity shares to promoters on a preferential basis.

The stock jumped 13.52 percent to Rs 162 at BSE.

On NSE, it soared 13.6 percent to Rs 161.95.

Venus Remedies had informed BSE yesterday that a meeting of the Board of Directors of the company will be held on June 30, 2015 to consider and approve the issue of fully convertible warrants/equity shares to promoters on a preferential basis subject to approval in the general meeting.

The company's announcement came post market hours.

Meanwhile, in the broader market the BSE benchmark Sensex was trading 26.86 points higher at 27,757.07. 

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Sensex marks longest winning streak in five months

 The BSE Sensex rose on Tuesday for an eighth consecutive session of gains, its longest winning streak in nearly five months, on renewed optimism over Greek debt talks, while state-run banks gained on hopes of capital infusion.

The 30-share Sensex gained 0.27 percent, marking its longest gaining streak since an eight-session rally to Jan. 27, while the 50-share Nifty finished 0.34 percent higher. 

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