Cadila to Seek Investors' Nod to Raise up to Rs 10,000 Cr

Cadila to Seek Investors' Nod to Raise up to Rs 10,000 Cr

New Delhi: Cadila Healthcare Ltd plans to seek "an enabling approval" from its shareholders to raise up to Rs 10,000 crore via issue of different securities.

The company's board, which met on Wednesday, decided to seek shareholders' nod to issue of securities keeping in mind its overall borrowing limit of Rs 10,000 crore.

This will include issue of equity shares, including convertible bonds/debentures through qualified institutional placement (QIP) and/or depository receipts or any other modes for an amount not exceeding Rs 10,000 crore, Cadila Healthcare said in a filing to the BSE.

It further said the company will seek shareholders' nod to issue of "unsecured/secured redeemable non-convertible debentures/bonds by way of private placement for an amount not exceeding Rs 3,500 crore, keeping in mind its overall borrowing limit of Rs 10,000 crore".

The company's board has decided to obtain enabling approval of the shareholders' through postal ballot process for issuance of the securities, it said.

Headquartered in Ahmedabad, Zydus Cadila group has global operations in four continents spread across the US, Europe, Japan, Brazil, South Africa and 25 other emerging markets.

The group's operations range from active pharmaceutical ingredients (API) to formulations, animal health products and cosmeceuticals.

Shares in Cadila Healthcare, on Wednesday, ended at Rs 1,900.90 apiece on the BSE, up 0.26 per cent from the previous close.