Torrent Pharma open to more acquisitions.

Ahmedabad-based pharmaceutical major Torrent Pharmaceuticals Ltd, which is planning to raise Rs. 10,000 crore by issuing securities, is open to acquisitions to fuel its future growth. The fund raised would be used to refinance existing borrowings, as well as organic and inorganic growth.

'Torrent Pharma has taken approval of the Board of Directors for obtaining the shareholders approval for issuance of equity shares etc for an amount, not exceeding Rs. 3,000 crores, increase in the borrowing limit to Rs. 10,000 crores and for issuance of non-convertible debentures for an amount not exceeding Rs. 7,500 crores (within the above limit of Rs 10,000 crores),' the company said over e-mail. A spokesperson further added that the company has taken these enabling approvals 'for meeting its funding requirements of its capital expenditure, long term working capital, refinancing of the existing borrowings and organic and inorganic growth and would approach the market as and when there is a specific requirement of funds for any of these purposes at an appropriate time and opportunity.'

BS