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Torrent Pharmaceuticals Plans to raise Rs 10,000 Crore

downloadTorrent Pharmaceuticals has planned to raise Rs 10,000 crore by issuing securities and will seek shareholders’ nod in this regard. With regard to the fund raising plans, the company would put forward enabling resolutions before the shareholders, it said in a filing to the BSE.

The Ahmedabad-based firm plans to allot “equity shares including convertible bonds/debentures through Qualified Institutional Placement and/or depository receipts or any other modes for an amount not exceeding Rs 3,000 crore.”

Besides, the company proposes to issue unsecured/secured redeemable non-convertible debentures/bonds by way of private placement for an amount not exceeding Rs 7,500 crore. Both the fund raising plans would be “subject to the overall borrowing limits of Rs 10,000 crore as proposed”.

In a separate filing the company said it posted 5.69 per cent increase in its consolidated net profit at Rs 167 crore for the third quarter ended December 31, 2014.

The company had posted a net profit of Rs 158 crore during the October-December quarter of previous fiscal. Net sales of the company rose to Rs 1,156 crore for the third quarter, as compared to Rs 990 crore in the same period of previous financial year, Torrent Pharmaceuticals Ltd said in a filing to the BSE.

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