Article/Intelligence
Torrent Pharma Promoter Entity Seeks to Raise Around $300M via NCDs to Refinance Debt Backing Its Gujarat Titans Acquisition
Torrent Investments Ltd., the promoter company of BSE-listed Torrent Pharmaceuticals Ltd. is seeking to privately place around INR 26 billion ($302 million) in unsecured non-convertible debentures, or NCDs, to refinance debt backing its acquisition of Indian Premier League franchise–Irelia Sports India Private Ltd., popularly known as Gujarat Titans, two sources familiar with the situation said.
The company acquired a 67% stake in Gujarat Titans from private equity firm CVC Capital in February this year and the acquisition was partly funded with short-term commercial papers totalling INR 25 billion which are due in August, the first source said.
No arranger has been mandated for the transaction so far, both sources said.
Torrent purchased the 67% in Gujarat Titans for INR 50.25 billion, according to a report by The Economic Times.
Torrent did not immediately respond to requests for comment.
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