Cadila will infuse equity of up to Rs 5,000 crore through issue of shares to QIBs through Qualified Institutional Placement for expansion.
The other major proposal approved was of Recipharm Participation BV for incorporating a wholly-owned subsidiary (WoS) in India. The pharma firm’s proposal worth Rs 1,050 crore also included the WoS buying out promoter stake in Nitin Lifesciences and increasing foreign equity to 74 percent.
Also approved was Buimerc Core Investments Pvt Ltd’s proposal for transferring of 100 per cent equity shares of NRI investors and Resident Investors to Buimerc Corporation FZE.
The proposal involves Rs 10 lakh of foreign direct investment.
The government also approved Health Media Publishing Pvt Ltd’s proposal to transfer its 99.90 percent shares by NRI Ajit Patel to Wellness Technology and Media Ptv Ltd, UK.
The FIPB, chaired by Economic Affairs Secretary Shaktikanta Das, however deferred six FDI proposals.
These include the proposal of Raheja QBE General Insurance Company for transfer of 23 per cent equity held by Prism Cement to QBE Asia Pacific Holdings Ltd, Hong Kong, thereby increasing the foreign shareholding in the company from 26 percent to 49 percent. The Government today approved five foreign investment proposals involving an inflow of Rs 6,050 crore including a Rs 5,000-crore plan of Cadila Healthcare for fresh equity infusion.
Read full article: Jagran