Sun Pharmaceutical Industries, India’s largest drug maker by value, is planning to raise Rs 12000 crore through qualified institutional placement (QIP) route. In this regard, the company is seeking shareholders’ approval at its 27th annual general meeting to be held by the end of September.
Last year, there were reports that Sun Pharma was in talks to buy Sweden's Meda AB for a sum between $5 billion and $6 billion, to boost its generics business in developed markets.
Recently, the surprise inspection took place due to an increased number of recalls from the plant. Sun Pharma recalled 40,000 bottles of Venlafaxine Hydrochloride extended-release tablets, Gemcitabine and Metformin, manufactured at Halol from the US market in past few months.
