Torrent Pharma seeks shareholder approval for equity raise and borrowing plans

The move will help the company to take quick and effective actions to capitalise on opportunities

The Board of Directors of Torrent Pharmaceuticals at its recently held board meeting decided to renew the enabling approvals from the shareholders of the company for equity shares including convertible bonds / debentures through Qualified Institutional Placement (QIP) and / or Depository Receipts and / or any other modes for an amount not exceeding Rs 3,000 crores. It also approved unsecured / secured redeemable non–convertible debentures / bonds by way of private placement for an amount not exceeding Rs 7,500 crores, subject to the overall borrowing limits of Rs 10,000 crores.

The company said that it was prudent to have requisite enabling approvals in place for meeting the fund requirements for its organic and in-organic growth, capital expenditure, working capital, refinancing the existing borrowings and other corporate purposes. This would help the company to take quick and effective actions to capitalise on opportunities, primarily those relating to in-organic growth, as and when available.