Sun Pharma board greenlights up to ₹10,000 crore NCD fundraising

Sun Pharmaceutical Industries' board of directors convened on October 12 and approved a proposal to raise up to ₹10,000 crore by issuing non-convertible debentures on a private-placement basis. The debentures will be listed, rated, unsecured and redeemable, and may be issued in multiple tranches or series. The firm said it will comply with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements once the securities are allotted.

Alongside the financing plan, the board disclosed that Gautam Doshi has resigned as a non-executive, independent director, effective immediately, for personal reasons, and has vacated all board committee positions he held. The filing did not provide further details on the timing or pricing of the NCD issue.