Pharmaceutical major Cipla will soon raise Rs 1,500 crore from international market through issue of securities.

The company officials have informed that the shareholders have approved raising Rs 1,500 crore by issuing non-convertible debentures, Foreign Currency Convertible Bonds, American Depository Receipts and Global Depository Receipts.

However, the proposal is subjected to necessary regulatory approvals.

Recently, Angel Broking, a well-known research cum broking firm, in its latest report, has recommended a reduce rating on Cipla with a target price of Rs 238.

The shares of Cipla closed on Friday at Rs 272.30 on BSE. The counter has made 52-week-high and low of Rs 295 and Rs 146.