Merlion India fund buys into Aurobindo

The Merlion India fund has reached an agreement to buy 3.1 million shares or 5.46% of listed Indian pharmaceutical company Aurobindo Pharma. The fund will pay Rs302 per share for a total consideration of Rs936.2 million ($20.5 million). The price that Merlion is paying for the shares is in compliance with SEBI guidelines using the last two weeks average traded price, which is calculated as the average of the high/low of the last two weeks' prior to the notice of the EGM.