Torrent Pharma likely to raise ₹1,500 crore

MUMBAI: Torrent Pharma Ltd is likely to raise at least ₹1,500 crore by selling shares to institutional investors, as it prepares a bid for the generic drugs unit of France’s Sanofi, two people aware of the development said. Torrent Pharma is readying a ₹16,000 crore binding bid for Sanofi’s unit Zentiva NV, Mint reported on March 7. It has tied up funding from several banks for the bid, the deadline for which ends on March 28, the report added. “Torrent has appointed JP Morgan and JM Financial to help it raise ₹1,500 to support its acquisition efforts. The firm has already had a couple of rounds of meetings with probable investors for the purpose of the fund-raising,” one of the people cited above said, requesting anonymity.