Pharmaceutical firm, Fulford India Ltd has announced that the company has raised Rs. 400 million by issuing 700,000 shares of Rs. 10 each at a premium of Rs. 565 per share, to its promoters Dashtag.

The funds were raised to provide capital in order to enable the company to strengthen its position in the market and act on strategic business growth opportunities, an official release said.

Fulford (India) Limited is an subsidiary of Schering-Plough Corporation, USA, a leading research-based company, engaged primarily in the discovery, development, manufacturing and marketing of pharmaceutical and health care products worldwide.

The amount is presently unutilized in respect of the aforementioned purposes and is invested in fixed deposits with Citibank.

At 1:25 pm, the stock was quoting at Rs 583 on BSE, up Rs 6.20, or 1.07%. It has touched an intraday high of Rs 583 and an intraday low of Rs 560.