New Delhi: Torrent Pharma’s Securities Transfer and Stakeholders Relationship Committee has approved the issuance of, Redeemable Non-Convertible Debentures (NCDs) to raise Rs 12,500 Crores ( in one or more tranches on private placement basis.
In a stock exchange filing, the company stated to issue NCDs of face value Rs 1,00,000 each, aggregating up to Rs 12,500 crore, which will be listed on the Wholesale Debt Market segment of the National Stock Exchange (NSE).
The company will disclose details on tenure, allotment and maturity at the time of allotment, it added.
The bonds will be backed by the funds raised and select trademarks, providing 1.1x security cover.
Notably, Torrent Pharma is in the process of acquiring a controlling stake in J.B. Chemicals & Pharmaceuticals in two phases—first, a 46.39 per cent equity stake for Rs 11,917 crore, followed by the acquisition of 26% of shares from public shareholders through an open offer at Rs 1,639.18 per share.
Leave a comment