Torrent Pharma is looking t raise the funds through a share sale to institutional investors
Torrent Pharma Ltd is looking to raise Rs 1,500 crore through a share sale to institutional investors, an effort to gather funds for its bid for Sanofi's generic drugs business Zenitva, according to a Mint report.
"Torrent has appointed JP Morgan and JM Financial to help it raise Rs 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," a source told Mint.
There has however been no official response from Torrent Pharma, JM Financial and JP Morgan on this subject.
Torrent Pharma and Brazilian drugs firm EMS are bidding for Zenitva, according to a Reuters report last month.
A consortium of Blackstone and Nordic Capital have also moved to the auction's second round, the Reuters report said.
Zenitva is valued at 2.49 billion, the Reuters report added.If Torrent Pharma is successful in acquiring the French company's generic drugs business, it will be the largest outbound transaction by an Indian drug maker. The will help Torrent Pharma access European markets.