Cadila gets board approval to raise Rs 18,500 cr

Cadila Healthcare board has approved raising up to Rs. 18,500 crore through various financial tools, including issue of securities in domestic as well as international markets.

The board has considered and approved in-principle for various fund-raising proposals, Cadila Healthcare said in a regulatory filing. The company said the fund-raising could be via issue of shares or convertible bonds or debentures through qualified institutional placement (QIP) for an aggregate amount of up to Rs. 10,000 crore.

The board of directors also approved issuing secured/unsecured redeemable non-convertible debentures/ foreign currency bonds on a private placement basis for an amount up to Rs 3,500 crore during the current fiscal, it said. Besides, the board also approved issuing foreign currency bonds/ foreign currency convertible bonds (FCCBs) for an amount up to Rs 5,000 crore.