Torrent may raise Rs 15 bn via QIP as it readies to bid for Sanofi assets

Sanofi's European generic business is worth Rs 160 billion; if the deal goes through, it would be the largest outbound acquisition by an Indian drug firm

Ahmedabad-based Torrent Pharmaceuticals is all set to raise around Rs 15 billion through the qualified institutional placement (QIP) route, as it gets ready to bid for Sanofi's generic drugs unit (Zentiva), sources close to the development said. An e-mail sent to the company on the matter remained unanswered.

A source close to the development said that the funds might be used to act as a 'war chest' for Torrent, as it readies to make a bid for the European asset. Another source felt Torrent might also use the funds for capital expenditure purposes apart from the potential acquisition. 

Sanofi's European