Cipla plans to raise Rs 4,000 crore

Mumbai, Dec 19 (IANS) Pharma major Cipla on Monday said that it plans to raise Rs 4,000 crore through the issue of various securities, subject to regulatory approvals.

The decision to raise the targeted fund was taken by its Board of Directors, the pharma major said in a regulatory filing to the BSE.

The company disclosed that it plans to raise “funds up to Rs 2,000 crores by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities/financial instruments, whether denominated in Indian rupee and/or foreign currency(ies), though a public issue or a private placement in accordance with the provisions of the applicable law”.

It plans to raise another Rs 2,000 crore via the issue of non-convertible debentures (NCDs) or bonds.

“Raising funds upto Rs 2,000 crore by issue of non-convertible debentures (in form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency(ies), though a public issue or a private placement in accordance with the provisions of the applicable law,” the filing said.

The filing elaborated that fund raising is subject to necessary permissions and approvals.

“The company is seeking approval of shareholders to the aforesaid enabling resolutions by means of postal ballot,” the filing added.

–IANS

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