Torrent shareholders clear hike in borrowing limit to Rs15k cr

Torrent Pharmaceuticals today said it has received shareholders' nod to enhance borrowing limit from Rs 10,000 crore to Rs 15,000 crore.
The shareholders have given approval through postal ballot, Torrent Pharma said in a filing to BSE.
They have also given nod for "issuance of unsecured / secured redeemable non-convertible debentures / bonds by way of private placement for an amount not exceeding Rs 12,500 crore," it added.
They have cleared the resolution for issuance of equity shares including convertible bonds / debentures through qualified institutional placement (QIP) and / or depository receipts or any other mode for an amount not exceeding Rs 5,000 crore, Torrent Pharma said.

The company however did not mention what it intends to do with the proposed fund raising.
Shares of Torrent Pharmaceuticals today closed at Rs 1,332.95 per scrip on BSE, down 2.65 per cent from the previous close.