Alembic Pharmaceuticals plans to raise up to Rs 5 bn through issue of NCDs

Alembic Pharmaceuticals board also constituted NCD Committee for issue and allotment of NCDs

Drug firm Alembic Pharmaceuticals Thursday said it plans to raise up to Rs 5 billion through the issue of non-convertible debentures (NCDs) on private placement basis.

The company's board of directors Thursday approved the issue of unsecured listed redeemable NCDs of up to Rs 5 billion on private placement basis under a shelf disclosure document in multiple tranches, Alembic Pharmaceuticals said in a filing to the BSE.

The board also constituted NCD Committee for issue and allotment of NCDs, it added.

The company, however, did not disclose what it intends to do with the raised money.

Shares of Alembic Pharmaceuticals were Thursday trading at Rs 615.90 per scrip on the BSE, down 2.05 per cent from their previous close.