Business

Dr.Reddy’s gets board nod for ₹2,000 cr. borrowings

The board of directors of Dr. Reddy’s Laboratories on Friday gave its approval for the company to borrow up to ₹2,000 crore.

The borrowings can be either through issuance of commercial papers, debentures, bonds and or through bank credit lines, term loans, including external commercial borrowings, up to ₹2,000 crore, in one or more tranches. Dr.Reddy’s said in a stock exchange filing.

The board also approved the sale of the Contract Development and Manufacturing Organisation (CDMO) division of Custom Pharmaceutical Services (CPS) business of the company, to wholly owned step-down subsidiary, Aurigene Pharmaceutical Services (APSL), on slump sale basis, for a consideration of $72 million, the filing said.

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Printable version | May 29, 2020 5:58:55 AM | https://www.thehindu.com/business/drreddys-gets-board-nod-for-2000-cr-borrowings/article31186603.ece

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