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DRL raises Rs 1,077 cr debt in Q3

Last Updated: Thursday, December 15, 2011 - 21:53

Hyderabad: Pharma company Dr Reddy's Laboratories has raised Rs 1,077 crore debt in the current quarter to meet working capital requirements and also refinancing old loans.
In a filing to the Securities Exchange Commission, DRL informed that one of the Company's subsidiaries in Switzerland entered into a loan agreement with a consortium of International banks to borrow the sum of Rs 1077.50 crore (USD 220 million).
"On October 20, 2011, the company, through its Swiss Subsidiary, drew down an amount of Rs 1077.50 crore (USD220) under its loan agreement dated September 28, 2011 with Citigroup Global Markets Asia Limited and the other Swiss Subsidiary Lenders," the DRL statement said.
When contacted a DRL spokesperson said, "the loan is being used predominantly for refinancing of short-term debt and partly for working capital requirements".
"The term of the loan is for sixty months starting from September 30, 2011," it said.
Shares of DRL closed at Rs 1,588 today on BSE up 0.40 percent over previous close.


First Published: Thursday, December 15, 2011 - 21:53
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