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Torrent Pharma Eyes Rs 12,500 Cr Capital Infusion
5 Jan
Summary
- Torrent Pharma's board approved raising up to Rs 12,500 crore.
- Funds will be raised via private placement of securities.
- Debentures will be secured, rated, listed, and redeemable.
Torrent Pharmaceuticals has revealed plans for a major capital raise, with its board approving the issuance of securities valued at up to Rs 12,500 crore. This financial maneuver is set to be executed through a private placement.
The company's Securities Transfer and Stakeholders Relationship Committee greenlit the issuance of secured, rated, listed, and redeemable non-convertible debentures. These will be offered in one or more tranches, providing flexibility in how the capital is secured.
This strategic fundraising follows Torrent Pharma's previous acquisition of a majority stake in J B Chemicals and Pharmaceuticals for Rs 19,500 crore last year. The company's stock recently closed slightly down on the BSE.
