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Foreign banks offer Torrent ₹20,000 cr credit line for JB Chemicals buyout
The Ahmedabad-based pharmaceutical firm plans to draw down the facility depending on the subscription to its upcoming open offer, the person said, requesting anonymity
Mumbai
The Torrent group has secured a credit line of up to ₹20,000 crore from a consortium of international lenders, including HSBC, Standard Chartered Bank, and Barclays, to fund its proposed acquisition of JB Chemicals & Pharmaceuticals Ltd, according to a person familiar with the matter.
The Ahmedabad-based pharmaceutical firm plans to draw down the facility depending on the subscription to its upcoming open offer, the person said, requesting anonymity. The interest rate on the credit line has been set at a competitive 8 per cent, the person added.
Sudhir Menon, chief financial officer at Torrent Pharmaceuticals, told analysts that the
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