Sun Pharma's board approves up to ₹10,000 crore of debentures; a director resigns

What happened

• Sun Pharma's board, at its meeting on 12 October, approved issuing listed, rated, unsecured, redeemable non-convertible debentures (NCDs) of up to ₹10,000 crore on a private placement basis, in one or more tranches, according to HDFC Sky and Sahi.
• Before the meeting, Kotak Neo had reported on 8 October that the board would consider raising up to ₹15,000 crore. Terms such as the number of tranches, interest rate and tenure had not been announced then.
• Separately, Gautam Doshi resigned as a non-executive independent director for personal reasons, with immediate effect, HDFC Sky reported.
• The shares closed at ₹1,768.30 on Tuesday, up 0.47%.

Why it matters

Good to know: An unsecured debenture is not backed by any specific asset of the company. Investors rely on the issuer's credit standing and its rating.

Key facts

Debenture issue approved

Up to ₹10,000 crore

Mode

Private placement, one or more tranches

Board meeting

12 October

Board change

Gautam Doshi resigns as independent director

Read the source

• Sun Pharma Board Approves Plan To Raise Up to Rs 10,000 Cr via NCDsHDFC Sky
• Sun Pharma board approves ₹10,000 crore NCD issuance as director Gautam Doshi resignsSahi
• Sun Pharma Board To Consider ₹15,000 Crore NCD Issue On October 12Kotak Neo

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