Torrent Pharmaceuticals Ltd plans to raise up to Rs 10,000 crore by issuing securities and will seek shareholders’ nod in this regard.The proposals were cleared by the company’s board during its meeting recently.
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 (QIP) 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 a 5.69 per cent increase in consolidated net profit at Rs 167 crore for the third quarter that ended on December 31, 2014.
The company had posted a net profit of Rs 158 crore during the October-December quarter of previous fiscal year.
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 said in a filing to the BSE.
The company’s board has declared an interim dividend of Rs 5 per equity share of Rs 5 each fully paid up.Shares in Torrent Pharmaceuticals, on Wednesday, ended at Rs 1,209.10 apiece on the BSE, up 1.93 per cent from the previous close.