Corporate Updates

Aurbindo loses stakeholders share

Aurbindo pharma looses 0.91 percent stakes possessed by HSBC Global Investment Funds (Mauritius) Ltd in the open market sales.The BSE officials informed that this led to a downfall of HSBC Global Investment Funds (Mauritius) Ltd of 2.50 percent in the Hyderabad based company. The US FDA had sent a warning to arrest the products manufactured from Unit IV of Aurobindo’s manufacturing facility near Hyderabad which is one of the reasons of offloading stakes. Even Gold man Sachs reports the movement of aurbindo pharma to neutral list after the warning letter by US FDA to the Cephalosporin facility (Unit VI) located in India.” This has led to a revenue loss of about $2 million a month till the issue remains unresolved. With this issue, aurbindo pharma indicates that the deals with Pfizer and Astra will not be affected. Till December 2010, Promoter holding in Aurobindo Pharma stood at 54.4 per cent, of which 18.84 per cent was pledged with financial institutions. Also the FII hold 26.37 per cent which included Merrill Lynch while LIC holds 2.25 per cent. Aurobindo Pharma’s scrip was up 3.18 per cent on BSE on Tuesday to end at Rs 180.25.


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