Ind-Swift Labs raises Rs 424.5 cr via NCDs

Drug firm Ind-Swift Laboratories today said it has raised Rs 424.5 crore through allotment of redeemable non-convertible debentures to two investors.

The company has allotted 4,245 debentures to ECAP Equities Ltd and ECL Finance Ltd, Ind-swift Laboratories said in a BSE filing.

"...the Board of Directors in their meeting held today approved inter-alia among other items, the allotment of 4,245 10% secured rated listed redeemable non-convertible debentures of face value of Rs 10,00,000- each to the investors whose bids are accepted through EBP mechanism...," it added.

The tenure of allotment is 6 years, Ind-Swift Laboratories said.

The company, however, did not mention what it proposed to do with the amount being raised.

 

Shares of Ind-Swift Laboratories were today trading at Rs 82.80 per scrip in the afternoon trade on BSE, up 4.94 per cent from its previous close.