Sun Pharmaceutical Industries has announced that its board of directors has approved a proposal to raise funds of up to ₹10,000 crore through the issuance of non-convertible debentures (NCDs).

Board Meeting Details

The decision was made during a meeting of the company's Board of Directors held on October 12. Sun Pharma stated in a regulatory filing late on Monday evening that the board approved the issuance of listed, rated, unsecured, redeemable NCDs on a private placement basis.

Key Points of the Proposal

  • The NCDs will be issued in one or more tranches and/or series.
  • The total amount raised will not exceed ₹10,000 crore.
  • 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.