Strides Arcolab, a pharmaceutical company manufacturing IP-led niche products has announced to raise Rs 15 bn through issue of various market instruments.

The company said, 'The board of directors of the company have approved the proposal to raise long term funds by way of issue of GDRs, ADRs, FCCBs and QIP or such other equity linked instruments as may be permissible for an amount upto Rs 15 billion including a green shoe option.'

'However, the fund raising is subject to shareholders approval and such other statutory approvals as may be required including that of Foreign Investment Promotion Board.' it added.

Recently, the company purchased Ranbaxy's 'Solus' and 'Solus Care' divisions in central nervous system (CNS) segment from Sun Pharmaceutical Industries for Rs 1.65 billion.

Shares of the company declined Rs 6.75, or 0.55%, to trade at Rs 1,231.65. The total volume of shares traded was 36,534 at the BSE (2.58 p.m., Monday).