Sun Pharma raises Rs 1,000 cr via NCDs

Drug major Sun Pharmaceutical Industries today said it has raised Rs 1,000 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

"Sun Pharma laboratories ltd, a wholly-owned subsidiary of the company, has raised, on private placement basis, Rs 1,000 crore by allotment of 10,000 unsecured redeemable non-convertible debentures of a face value of Rs 10,00,000 each," Sun Pharmaceutical Industries said in a BSE filing.

It further said: "NCDs will be listed on BSE ltd under two series with Series 1 debentures comprising 5,000 debentures amounting to Rs 500 crore with a tenor of 24 months, and Series 2 debentures comprising 5,000 debentures amounting to Rs 500 crore with a tenor of 39 months."

The company did not elaborate on the usage of proceeds.

Shares of Sun Pharma were trading at Rs 795.40 apiece on BSE, up 0.55 per cent from the previous close.