Cipla raises $170 million from first-ever GDR issue

Inidan drug maker prices deal at low end of tight range in wake of 63% share price surge this year.

IndiaƆs second largest drug maker in terms of sales, Cipla Ltd, has raised $170 million from its first ever sale of Global Depositary Receipts. The CLSA and Kotak Mahindra led deal is said to have met with reasonable demand despite a 63% surge in the share price already this year.

The sharp share price spike is also said to have caused price sensitivity, which resulted in a tight marketing range and small order book. The GDRs were sold to...

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