Torrent Pharma plans to raise funds via QIP, others

NEW DELHI: Drug firm Torrent Pharmaceuticals today said it plans to raise funds through various instruments including qualified institutional placements(QIP).

The company in a filing to the BSE said that its board on March 23 will consider "the proposal for raising of funds by way of issue of equity shares, including convertible bonds or debentures through qualified institutional placements" or any other modes.

Besides, board will also consider issue of unsecured/secured redeemable non-convertible debentures/bonds by way of private placement.

However, the company did not elaborate on how much funds it plans to raise.

Last week, Torrent Pharma had said its third manufacturing plant in Gujarat has obtained the Establishment Inspection Report (EIR) from the US health regulator USFDA.

"Torrent Pharma has successfully obtained the Establishment Inspection Report from the USFDA for its plant located at Dahej SEZ in Gujarat, the plant has also received approval from the EU Germany," Torrent Pharma had said in a BSE filing.

With the approval, this plant is now the third plant of Torrent Pharma to receive the USFDA approval, out of its 5 manufacturing plants.

"The company's other FDA approved plants include the plant at Indrad, Gujarat and Pithampur (Indore), MP," it added.