The company is allowed to pursue any of the multiple modes available for raising the money
The board of Dr Reddy's Laboratories Limited (DRL) on Friday approved company borrowings of up to an aggregate amount of Rs 2,000 crore in one or more transches. For the purpose, the company is allowed to pursue any of the multiple modes available such as issuance of commercial paper, debentures, bonds and/ or through bank credit lines, term loans including external commercial borrowings that it may deem fit, according to a stock exchange filing.
Dr Reddy's board, at its meeting on Friday, also the approved sale of the Contract Development and Manufacturing Organisation(CDMO) division of Custom Pharmaceutical Services (CPS), on a slump sale basis, for a consideration of $ 72 million (around Rs 540 crore).
The company filing did not reveal the name of CDMO's buyer.