 "Torrent Pharma seeks shareholder nod to raise Rs 10,500 cr")
Ahmedabad-based Rs 4,700-crore pharma major, Torrent Pharmaceuticals, has sought approvals from its shareholders to raise Rs 10,500 crore through issue of shares and other securities to fund its growth activity.
The company said it was prudent to have approvals in place as it would help the harmaceutical major to take quick and effective actions to capitalise on opportunities, especially for inorganic growth.
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The Board of Directors of the company at its board meeting on Wednesday decided to renew the enabling approvals from the shareholders for equity shares, convertible bonds, debentures through qualified institutional placement (QIP), depository receipts or any other modes for an amount not exceeding Rs 3,000 crore."
The company is also seeking enabling approvals for “unsecured / secured redeemable non-convertible debentures / bonds through private placement for an amount not exceeding Rs 7,500 crores, subject to the overall borrowing limits of Rs 10,000 crore”.
Torrent has a fully-equipped research centre, employing about 600 scientists, to support the company’s operations and product pipeline for both domestic and overseas markets.
The Company’s manufacturing plants located at Indrad and Dahej in Gujarat, Baddi in Himachal Pradesh, Sikkim and Indore have facilities to produce formulations and bulk drugs.
The plants are approved by authorities from various regulated and semi-regulated markets like the US, the UK, Brazil, Germany, Australia and South Africa.
The stock of the company was trading at 1.34 cent down at Rs 1,399.15 on the Bombay Stock Exchange.
