Torrent Pharma board approves ₹5,000 crore fundraising plan.
Torrent Pharmaceuticals Authorizes ₹5,000 Crore Fundraising, Reports Robust Q4 Performance.
Torrent Pharmaceuticals' board authorized raising funds of up to ₹5,000 crore through the issuance of equity shares, convertible bonds, or debentures. This capital mobilization will be conducted via Qualified Institutional Placement (QIP) or other suitable avenues.
In a filing with the stock exchange, the company stated, "We propose seeking approval at the forthcoming Annual General Meeting (AGM) to issue equity shares, including convertible bonds or debentures, through Qualified Institutional Placement (QIP) or any other feasible means, with a limit not exceeding ₹5,000 crore."
The company posted a significant 57% surge in its consolidated net profit for the January-March quarter, reaching ₹449 crore. Its revenue also witnessed a year-on-year (YoY) growth of 10%, amounting to ₹2,745 crore.
Moreover, the earnings before interest, tax, depreciation, and amortization (EBITDA) soared by 21% compared to the previous year, touching ₹883 crore, and the EBITDA margin expanded from 29.2% to 32.2%.
Additionally, the board recommended a final dividend of ₹6 (120%) per equity share of ₹5 each, complementing the interim dividend of ₹22 (440%) per equity share paid out during the last quarter.
On May 24, shares of Torrent Pharmaceuticals closed at ₹2,606, marking a 3% decrease on the NSE.
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