Aurobindo Pharma, a mid-size pharmaceutical company,  announced that the board of directors of the company at its meeting held on Wednesday, have resolved subject to the approval of the members of the company in terms of the provisions of the Companies Act, 2013 and of other applicable laws, regulations etc., issuance of Equity Shares through a Qualified Institutions Placement (QIP) to Qualified Institutional Buyers (QIB) as per the SEBl (ICDR) Regulations, provided that the aggregate amount to be raised by issue of Securities shall not exceed a sum of USD 350 million or Rupee equivalent thereof.

At the aforesaid meeting, it has also been decided to hold a general meeting of the members of the company for the above purpose on Jan. 21, 2015.

Earlier announcement dated Nov. 25, 2014, wherein the company informed that the board of directors of the company have considered and approved raising of funds by the company through issue of securities upto an amount of USD 350 million or rupee equivalent thereof and constitution of a securities issue committee.

Shares of the company declined Rs 2.9, or 0.26%, to trade at Rs 1,121.45. The total volume of shares traded was 18,689 at the BSE (11.07 a.m., Thursday).