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Cadila board approves raising up to Rs18,500 crore

LiveMint logoLiveMint 26-06-2017 PTI

New Delhi: Drug firm Cadila Healthcare on Monday said its board has approved raising up to Rs18,500 crore through various financial tools, including issue of securities in domestic as well as international markets.

The board considered and approved in-principle to various fund raising proposals, Cadila Healthcare said in a regulatory filing.

It said the fund raising could be via issue of shares or convertible bonds or debentures through qualified institutional placement (QIP) for an aggregate amount of up to Rs10,000 crore.

The board of directors also approved issuing secured/ unsecured redeemable non convertible debentures/ foreign currency bonds on private placement basis for an amount up to Rs 3,500 crore during the current fiscal, it said.

Besides, cleared issuing foreign currency bonds/ foreign currency convertible bonds (FCCBs) for an amount up to Rs 5,000 crore.

The company however did not elaborate as how it plans to utilise the capital once raised. Headquartered in Ahmedabad, Zydus Cadila group has global operations in four continents spread across the US, Europe, Latin America and South Africa and 25 other emerging markets.

The group’s operations cover healthcare solutions ranging from formulations, active pharmaceutical ingredients and animal healthcare products to wellness products.

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