Alembic Pharma to raise up to Rs 300 crore via NCDs

Drug firm Alembic Pharmaceuticals Wednesday said its board has approved raising of up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on a private placement basis. The company, which did not specify the reasons for rasing funds, said it will issue NCDs in one or more tranches.

"The board of directors of Alembic Pharmaceuticals Ltd....has approved the issue of unsecured listed rated redeemable non-convertible debentures (NCDs) of up to Rs 300 crore on a private placement basis," the company said in a regulatory filing.

Shares of Alembic Pharmaceuticals closed 0.61 per cent lower at Rs 499 apiece.