At the company's annual general meeting held today, shareholders passed the resolution to issue one million equity shares through private placement, the proceeds of which will be mainly used to finance the growth of APL's formulations and value-added bulk drugs business.

The company is internationally recognised as a cost-efficient and high quality drug manufacturer. This has enabled the company rapidly grow its exports business - contributing some 40 per cent of the company's revenues in financial year 1999 (Rs 2.15 billion) compared with 12 per cent in financial year 1995 (Rs 102.9million). As a result of these efforts the company has earned recognition as a `Star Trading House'.

The shift in the company's business mix can be seen since 1994 when SSP contributed nearly 100 per cent of APL's revenues whereas it now comprises 52 per cent of its revenues.

The company is in an advanced stage of commissioning two more plants to manufacture formulations at a cost of Rs 25 crore. These facilities will employ state-of-the-art production technologies and plan to obtain international regulatory approvals. The company's R&D facilities are also being upgraded to support the growth of its formulation business.