Nectar Lifesciences to raise $50-mn

Chennai: Pharmaceutical major Nectar Lifesciences said it will raise 50 million dollar through the issue of securities in international markets.

The board of directors of the company at its meeting approved to issue Global Depository Receipts (GDRs), American Depository Receipts (ADRs) or any other international offering of up to 50 million US dollars, the company said in a filing to the Bombay Stock Exchange.

Meanwhile, the company has received board of directors approval for issue of equity shares to Citi Venture Capital International and Everest Capital (M) Ltd and would sign a non binding term in this regard.

The company would seek shareholders approval in an extra ordinary general meeting proposed to be convened on September 16.

Shares of company were trading at Rs 364.50, down 3.30 per cent during the afternoon session on the BSE.