Torrent Pharma's Bold Move: A Rs 12,500 Crore Securities Issue

Torrent Pharmaceuticals plans to raise Rs 12,500 crore through securities via private placement. The company's board approved issuing non-convertible debentures in tranches. Last year, Torrent acquired a major stake in J B Chemicals for Rs 19,500 crore. Shares closed slightly down at Rs 3,875.10 on the BSE.

Torrent Pharmaceuticals announced on Monday that its board has approved a strategy to raise up to Rs 12,500 crore by issuing securities through a private placement.

The decision came during a meeting of the Securities Transfer and Stakeholders Relationship Committee, which gave the green light for issuing secured, rated, listed, redeemable non-convertible debentures. These will be issued in one or more tranches.

Last year, Torrent Pharma made headlines with its Rs 19,500-crore deal to acquire a majority stake in J B Chemicals and Pharmaceuticals. Despite these movements, the company's shares dipped slightly, closing at Rs 3,875.10 on the BSE.

(With inputs from agencies.)