Torrent Pharmaceuticals Proposes to Double Borrowing Limit

New Delhi: Torrent Pharmaceuticals on Tuesday proposed to double its borrowing limit to Rs 10,000 crore.

The company said in a filing to the BSE that it would seek approval from its shareholders through a postal ballot for the same.

"It has proposed to enhance its borrowing limit from Rs 5,000 crore to Rs 10,000 crore," it said.

Last week, Torrent Pharmaceuticals said it planned to raise up to Rs 10,000 crore by issuing securities and will seek shareholders' nod in this regard.

The Ahmedabad-based firm plans to allot "equity shares including convertible bonds/debentures through Qualified Institutional Placement ( QIP) and/or depository receipts or any other modes for an amount not exceeding Rs 3,000 crore".

Besides, the company proposes to issue unsecured/secured redeemable non-convertible debentures/bonds by way of private placement for an amount not exceeding Rs 7,500 crore.

Both the fund raising plans would be "subject to the overall borrowing limits of Rs 10,000 crore as proposed".