TORRENT PHARMA TO RAISE ₹12,500 CRORE VIA NCDs TO FUND EXPANSION & ACQUISITIONS

Torrent Pharmaceuticals has approved raising up to ₹12,500 crore through secured non-convertible debentures (NCDs) on a private placement basis. The issuance will be done in one or more tranches and listed on the NSE Wholesale Debt Market segment. The NCDs will be backed by a first-ranking exclusive charge over designated accounts and specified trademarks, ensuring a minimum security cover of 1.1x. Coupon rate, tenure, and maturity will be finalised at the time of allotment. The fundraise is aimed at maintaining liquidity and supporting expansion plans amid strong operating performance and upcoming acquisition commitments. Torrent is in the final stage of completing the JB Chemicals buyout, having already secured SEBI approval for the minimum tender offer. In Q2, the company reported revenue of ₹3,302 crore, up 14% YoY, with operating EBITDA of ₹1,083 crore and margins of 32.8%. Net debt-to-EBITDA remains comfortable at 0.45x, providing sufficient leverage headroom. Management has guided for annual capex of ₹250–₹300 crore over the next three years, increased R&D filings for the US market, and new launches in India and Brazil, including high-potential GLP-1 analogue therapies. Branded markets contribute 73% of revenue, with chronic therapies driving domestic growth. The NCD issue reflects Torrent’s strategy to secure long-term funding flexibility for acquisitions, capex, and pipeline investments while preserving its investment-grade profile. #TorrentPharma #PharmaStocks #NCD #FundRaising #IndianMarkets #HealthcareStocks #StockMarketIndia #Capex #Acquisitions #StockYard