Torrent Pharmaceuticals Ltd approves increase in borrowing limits, authorised share capital

The Board of Torrent Pharmaceuticals Ltd has at its meeting held today approved, the increase in Authorised share capital of the Company from Rs 125 crores to Rs 150 crores and amendment in capital clause of the Memorandum of Association and enhancement of borrowing limits from Rs 10,000 crores to Rs 15,000 crores.

The Board approved creation of charge on Company's properties / assets.

The Board also approved issue of Unsecured / Secured Redeemable Non-Convertible Debentures / Bonds by way of Private Placement for an amount not exceeding Rs 12,500 crores; and 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 5000 crores.

The Board meeting commenced at 12:30 pm and concluded at 01:30 pm.

The above are subject to approval from the shareholders through postal ballot.

Shares of TORRENT PHARMACEUTICALS LTD. was last trading in BSE at Rs.1435.6 as compared to the previous close of Rs. 1454.1. The total number of shares traded during the day was 6024 in over 411 trades.

The stock hit an intraday high of Rs. 1456.95 and intraday low of 1420. The net turnover during the day was Rs. 8662996.

Source : Equity Bulls

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