In the last one year, Torrent Pharma stock has rallied 53 percent, outperforming benchmark Nifty 50 which has risen 25 percent during this period.
Torrent Pharmaceuticals plans to raise Rs 5,000 crore by issuing equity shares and convertible bonds through a qualified institutional placement (QIP).
Torrent Pharmaceuticals on May 24 reported a 57 percent rise in its consolidated net profit for the March quarter at Rs 449 crore.
Also Read | Torrent Pharma Q4 net profit rises 57% to Rs 449 crore, declares Rs 6 dividendThe board of the company also recommended to the members a final dividend of Rs 6 (120 percent) per equity share of Rs 5 each.
Story continues below Advertisement Remove AdShares of Torrent Pharma ended 3.2 percent lower at Rs 2,606.05 on the National Stock Exchange (NSE) in the previous session.
In the last one year, Torrent Pharma stock has rallied 53 percent, outperforming benchmark Nifty 50 which has risen 25 percent during this period.
Torrent Pharmaceuticals plans to raise Rs 5,000 crore by issuing equity shares and convertible bonds through a qualified institutional placement (QIP). The drugmaker's board approved the fundraise on May 24.
The company will follow through with the QIP, after getting approval from the board members at its upcoming annual general meeting (AGM).
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"Recommended to the members to obtain enabling approval for issuance of equity shares including convertible bonds or debentures through Qualified Institutional Placement (QIP) and or any other modes for an amount not exceeding Rs 5,000 crore in the upcoming Annual General Meeting (AGM)," the company said in a regulatory filing.
Torrent Pharmaceuticals on May 24 reported a 57 percent rise in its consolidated net profit for the March quarter at Rs 449 crore. Its revenue grew 10 percent YoY to Rs 2,745 crore.
The pharma firm's earnings before interest, tax, depreciation and amortisation (EBITDA) increased 21 percent on-year to Rs 883 crore in the quarter under review.
Also Read | Torrent Pharma Q4 net profit rises 57% to Rs 449 crore, declares Rs 6 dividend
The board of the company also recommended to the members a final dividend of Rs 6 (120 percent) per equity share of Rs 5 each. Earlier an interim dividend of Rs 22 (440 percent) per equity share was paid during the last quarter.
Torrent makes branded and generic drugs. The dosage forms include tablets, capsule and extended-release formulations. India, the US, Germany and Brazil are among its major markets.
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Shares of Torrent Pharma ended 3.2 percent lower at Rs 2,606.05 on the National Stock Exchange (NSE) in the previous session. In the last one year, the stock has rallied 53 percent, outperforming benchmark Nifty 50 which has risen 25 percent during this period.
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