Shilpa Medicare which on 28th Nov’16, had hit a new high at Rs.686, today went up to Rs.683, up almost 4%. It has since then come off this high and is now at Rs.668, up some 2%.

The market was enthused with the news that its Board, which had met yesterday has approved the raising of funds of up to Rs 175 crore by issuing equity shares on preferential basis to TA FII investors Ltd, Mauritius.

These shares are being issued to the FII at a price of Rs.570 per Re.1 share.

The Board has also approved hiking the limit of FII/FPI limit from the current 30% to 40%.