Jupiter Bioscience Ltd plans to raise Rs1billion

Mumbai, Mar 30: Drug maker Jupiter Bioscience Ltd. plans to raise up to 1 billion rupees through a qualified institutional placement of shares, a top official said on Friday.

''We are definitely going in for a QIP issue,'' Chairman and Managing Director Venkat Kalavakolanu told sources over telephone, but he declined to give further details.

CNBC TV-18 reported in the morning that Jupiter was exploring a long-term supply agreement with Ranbaxy Laboratories Ltd. and would also consider making a preferential allotment of shares to it.

Kalavakolanu and a Ranbaxy spokesman declined comment.

Jupiter shares rose by their daily maximum limit of 10 percent to 144.30 rupees in a strong Mumbai market.

Reuters