Torrent Pharmaceuticals Ltd has issued a Corporate Guarantee to MUFG Bank Ltd., ('bank') in the amount of up to USD 80 million in respect of the credit facility used / to be used by Torrent Pharma Inc. (TPI), USA. , a wholly owned subsidiary of the Company.
According to the regulatory filing, the guarantee agreement has been entered into to guarantee the credit line for an amount of up to US $ 75 million used / to be used by Torrent Pharma Inc. (TPI), USA. of the guarantee is for an amount of up to USD 80 million to cover the payment due for the installation amount plus the corresponding interest (along with any other costs, charges, fees and expenses).
The issued Corporate Guarantee will be the contingent liability on the Company's books, Torrent Pharma said on Tuesday.
At around 3:01 PM, Torrent Pharmaceuticals was trading at Rs3,068.60 each, an increase of Rs9.2 or 0.3% on Sensex.
