The Ahmedabad-based drug firm Torrent Pharma is seeking enabling approvals from its shareholders to raise Rs10,500 crore through issue of shares and other securities to fund its growth activity.
The board of the company, at a meeting held on Wednesday, has decided to obtain enabling approvals from shareholders to issue equity “including convertible bonds/debentures through qualified institutional placement (QIP) or depository receipts or any other modes for an amount not exceeding Rs3,000 crore.”
The company is also seeking enabling approval for borrowing through issue of “unsecured/secured redeemable non-convertible debentures/bonds by way of private placement for an amount not exceeding Rs7,500 crore, subject to overall borrowing limits of Rs10,000 crore.”
“It was prudent to have requisite enabling approvals in place for meeting the fund requirements for its organic and inorganic growth, capital expenditure, working capital, refinancing the existing borrowings and other corporate purposes,” the company said.