Piramal Pharma will use the capital raised through the dealto accelerate its organic and inorganic growth plans.
Hetero said its generic version of US-based Gilead Science's Remdesivir will be marketed under brand name Covifor in India.
The High Powered Committee said that Malvinder Mohan Singh was at liberty to file a bail application before courts concerned, which shall consider the same on merits in accordance with the law.
Favipiravir is made under the brand name Avigan by Japan's Fujifilm Holdings Corp and was approved for use as an anti-flu drug there in 2014.
Remdesivir, intravenously administered in hospitals, has already been approved for emergency use in severely-ill patients in the United States, India and South Korea.
Antiviral drug remdesivir was the first treatment to show improvement in COVID-19 trials.
Drug makers around the world are rushing to develop a treatment or vaccine for the fast-spreading novel coronavirus that has killed over 3,90,000 people and ravaged financial markets.
The minister said that India has been recognised as the Pharmacy of the World during the COVID-19 crisis
The company joins other drugmakers Glenmark and Strides Pharma Science that are conducting trials in India for potential drugs for COVID-19.
The stockpiling of medicine in a country of 1.3 billion people and the rising focus on affordable health care globally will boost the shares of the nations pharmaceutical companies.
Bengaluru-based Strides Pharma Science has received approval from the Drug Controller General of India to conduct trials of favipiravir in the country.
Serum, the world's largest maker of vaccines by volume, is mass-producing the vaccine candidate developed by the University of Oxford.
Glemark said the approval made it the first pharmaceutical company in India to be given the go-ahead to start trials on COVID-19 patients.
Glenmark Pharmaceuticals, which rose as much as 8.9 per cent to Rs 359, traded up 5.9 per cent at 9:37 am.
Sun Pharma said it continues to manufactureand distribute existing products for the US market.