Alembic Pharma okays proposal to raise up to Rs 300 cr via NCDs, informs BSE

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

New Delhi: Alembic Pharmaceuticals 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.

" With reference to the captioned matter, the exchange is hereby informed that the Board of Directors of Alembic Pharmaceuticals Limited at its meeting held today has inter-alia (i) approved the Issue of Unsecured Listed Non-Convertible Debentures (NCDs) of upto Rs. 300 Crores on Private Placement Basis and (ii) Constituted NCD Committee for issue and allotment of NCDs," the company filing at BSE stated

"The time of commencement of the Board Meeting was 11:00 a.m. and the time of conclusion was 12:30 p.m.
We request you to kindly take the same on record." the filing added

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