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The Ugandan unit of India’s pharmaceutical giant Cipla raised about Sh4.1 billion ($41 million) from its initial public offering (IPO) that was oversubscribed, a brokerage that helped advise on the transaction said yesterday.
Cipla Quality Chemical Industries Ltd (CQCIL), majority owned by India’s third-largest drug maker, sold 657 million shares, equivalent to 18 per cent of the firm’s total equity.
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