Torrent Pharma gets shareholder nod to raise up to Rs 5,000 crores

New Delhi: Torrent Pharmaceuticals has said it has received shareholders'' nod to raise up to Rs 5,000 crore through various instruments, including qualified institutional placement (QIP).

In a filing to the BSE, the company said around 99.299 per cent votes were cast in favour of "issuance of equity shares including convertible bonds/debentures through QIP and/or depository receipts or any other modes for an amount not exceeding Rs 5,000 crore."

The approval of the shareholders was sought by way of a special resolution through a postal ballot, the filing said.

Read also: Torrent Pharma Q3 net profit up 2 pc at Rs 251 crore

Torrent Pharma, with annual revenues of more than INR 5,800 crores is the flagship Company of the INR 18,300 crore Torrent Group.

Torrent has a fully equipped Research Centre, employing almost 900 scientists, to support the Company's operation and product pipeline for both Domestic and Overseas markets. The Company's manufacturing plants located at Indrad,

Baddi, Sikkim, Dahej, Pithampaur and Vizag have facilities to produce Formulation and Bulk drugs. The plants are approved by authorities from various regulated and semi-regulated markets like US, UK, Brazil, Germany, Australia and South Africa.

Read also: SEBI exempts Trust from making open offers for Torrent Group Companies