Alembic Pharma to raise up to Rs 300 crore via issuance of NDCs

Alembic Pharma has approved the issue of unsecured listed rated redeemable non-convertible debentures (NCDs) of up to Rs 300 crore on a private placement basis. However, it did not specify the reason for raising funds but said it will issue NCDs in one or more tranches.

New Delhi: Drug firm Alembic Pharmaceuticals Wednesday said its board has approved raising of up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.

The company, which did not specify the reasons for raising funds, said it will issue NCDs in one or more tranches.

"The board of directors of Alembic Pharmaceuticals Ltd....has approved the issue of unsecured listed rated redeemable non-convertible debentures (NCDs) of up to Rs 300 crore on a private placement basis," the company said in a regulatory filing.

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Prior to this, the company had raised Rs 150 crore through the allotment of non-convertible debentures (NCDs) on private placement basis. Medical Dialogues had earlier reported that these NCDs carried a coupon rate of 8.37 per cent per annum and were proposed to be listed on NSE.

Also Read: Alembic Pharma raises Rs 150 crore via NCDs