Sun Pharma Board Approves Plan To Raise Up to Rs 10,000 Cr via NCDs

New Delhi: Sun Pharmaceutical Industries has said its board of directors has approved a proposal to raise funds of up to Rs 10,000 crore through the issuance of non-convertible debentures (NCDs).

The decision was taken at a meeting of the company’s Board of Directors held on October 12, Sun Pharma said in a regulatory filing late on Monday evening.

The board approved the issuance of listed, rated, unsecured, redeemable NCDs on a private placement basis in one or more tranches and/or series for an aggregate amount not exceeding Rs 10,000 crore.

The company said that disclosures required under Regulation 30 of the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, will be made at an appropriate stage upon the issuance or allotment of the debentures.

Separately, the company announced that Gautam Doshi has resigned as a Non-Executive, Independent Director with immediate effect, citing personal reasons. Consequent upon his resignation, he has also ceased to hold positions on the Committees of the Board of Directors of the company, the filing added.

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