Alembic Pharmaceuticals approves proposal to raise Rs 300 crore through issuance

Alembic Pharmaceuticals Monday said its board has approved a proposal to raise up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on private placement basis.

The Board of Directors has also approved constituting an NCD Committee for issuance and allotment of NCDs, Alembic Pharma said in a filing to BSE.

The company, however, did not mention what it intended to do with the funds it is looking to raise.

Shares of Alembic Pharma were trading at Rs 627.65 per scrip on BSE, down 1.73 percent from the previous close.