Torrent Pharma board okays hiking borrowing limit to Rs 15k cr

Torrent Pharmaceuticals today said its Board has approved a proposal to enhance borrowing limits from Rs 10,000 crore to Rs 15,000 crore.
As per a BSE filing, the Board also approved "issuance of unsecured/secured redeemable non-convertible debentures/bonds by way of private placement for an amount not exceeding Rs 12,500 crore".
The Board also cleared a proposal for issuance of 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 5,000 crore, the company said in the filing.
The drug firm however did not mention what it intends to do with the proposed fundraising.

Shares of Torrent Pharmaceuticals were today trading at Rs 1,433.10 per scrip on BSE, down 1.44 per cent from the previous close.