Express Pharma

Sun Pharma seeks shareholders’ approval on Rs 50,000 cr provision

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The company is also seeking an extension of an enabling resolution to raise up to Rs 12,000 crore via domestic and/or international capital markets

Sun Pharmaceutical is seeking approval of its shareholders through a postal ballot earmarking of up to Rs 50,000 crore for the purpose of acquisitions or providing loans, among others.

The Mumbai-based drug maker is also seeking an extension of an enabling resolution to raise up to Rs 12,000 crore via domestic and/or international capital markets in one or more tranches, by issue of appropriate instruments, Sun Pharma said in a regulatory filing.

Shareholders of the company, at the 22nd AGM on September 27, 2014 had already approved the resolution to earmark Rs 50,000 crore.

It is seeking shareholders’ nod to fulfil requirements under the Companies Act, 2013 by passing resolution through postal ballot also for the same.

In its notice to the shareholders, the company said it is seeking their consent through a special resolution for making loans, providing guarantee or acquisition of other corporates of a maximum amount of Rs 50,000 crore.
The company’s AGM for this year would be held on October 31.

Sun Pharma further said its board at the AGM last year had sought the consent of the shareholders as an enabling resolution to raise up to Rs 12,000 crore but “as the validity of the resolution is only for a year, the consent of the shareholders is once again being sought.”

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