Drug firm Ind-Swift Laboratories today said it has raised Rs 424.5 crore through allotment of redeemable non-convertible debentures to two investors. The company has allotted 4,245 debentures to ECAP Equities Ltd and ECL Finance Ltd, Ind-swift Laboratories said in a BSE filing. "...the Board of Directors in their meeting held today approved inter-alia among other items, the allotment of 4,245 10% secured rated listed redeemable non-convertible debentures of face value of Rs 10,00,000- each to the investors whose bids are accepted through EBP mechanism...," it added.
The tenure of allotment is 6 years, Ind-Swift Laboratories said. The company, however, did not mention what it proposed to do with the amount being raised.