Zydus Cadila board approves raising up to Rs 18,500 crore

Drug major Cadila Healthcare, the second most valued pharma company in India with market valuation of Rs 53,750 crore, said on Monday that its board has approved raising up to Rs18,500 crore through various financial tools. 

The Pankaj Patel-led company said in a BSE filing that its board had considered and granted in-principle approval to various fund raising proposals. However, the company did not reveal how it plans to utilise the funds proposed to be raised.

“The board has approved raising of funds by issue of equity shares / convertible bonds / debentures through qualified institutional placement / GDR / ADR for an aggregate amount of up to Rs 10,000 crore,” the city-based firm said.

The board also approved issuing secured/unsecured redeemable non-convertible debentures/foreign currency bonds on private placement basis for raising up to Rs3,500 crore in financial year 2017-18.

Cadila said that issuing foreign currency bonds/foreign currency convertible bonds for a sum of up to Rs5,000 crore also received the board approval. 

Headquartered in Ahmedabad, Zydus Cadila group has operations spread across US, Europe, Latin America and South Africa and 25 other emerging markets. It has presence in healthcare solutions ranging from formulations, active pharma ingredients, animal healthcare products and wellness products.

(with agencies)