India’s Panacea Biotec board OKs up to Rs. 8.64 billion debentures

By Sarah Lizee

Olympia, Wash., Feb. 26 – Panacea Biotec Ltd. informed the Bombay Stock Exchange that its board of directors met on Tuesday and approved raising up to Rs. 8.64 billion of redeemable nonconvertible debentures.

The debentures would be issued in one or more tranches on a private placement basis, according to the notice.

Proceeds would be used for a one-time settlement with the consortium of lenders, settlement of stretched payables, employment dues, etc., and for working capital requirements and other general corporate purposes.

Mumbai, India-based Panacea Biotec makes and markets vaccines and biotechnology-based products.

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