Board approves NCD issue up to INR 10,000 Crore; Independent Director resigns

Board approves issue of listed, rated, unsecured, redeemable NCDs on private placement basis, in one or more tranches, for an aggregate amount not exceeding INR 10,000 Crore.

Mon 12 Oct 2026

NCD Issue Size

aggregate amount not exceeding INR 10,000 Crore

NCD Terms

listed, rated, unsecured, redeemable NCDs on private placement basis, in one or more tranches

Independent Director Resignation

Mr. Gautam Doshi resigns with effect from 12 October 2026, citing personal reasons

What the Board decided

Sun Pharmaceutical Industries' Board met on 12 October 2026 and approved two matters.

• The Board approved the issuance of listed, rated, unsecured, redeemable non-convertible debentures (NCDs), on a private placement basis, in one or more tranches and/or series, for an aggregate amount not exceeding INR 10,000 Crore
• It approved the related issuance framework and authorised the Finance Committee to determine and approve the tranche-specific terms and conditions of the NCDs, including matters relating to their issuance, allocation and allotment, within that framework

Understanding the NCD issue

NCDs are debt instruments. When a company issues them, it borrows money from investors, pays interest, and repays the principal on maturity. These are non-convertible, so they do not turn into equity shares. They are unsecured and redeemable, and the issue is a private placement, meaning it is offered to select investors rather than to the general public. The debentures are listed.

Resignation of an Independent Director

• Mr. Gautam Doshi tendered his resignation as a Non-Executive, Independent Director of the Company with effect from 12 October 2026
• He cited personal reasons, and the disclosure records personal commitments
• Consequent to his resignation, he has also ceased to hold positions on the Committees of the Board of the Company
• He also resigned from all directorships, committee memberships and other positions held in subsidiary companies: Sun Pharma Laboratories Limited, Sun Pharma Holdings, Mauritius, Sun Pharmaceutical Industries, Inc., USA, and Taro Pharmaceuticals U.S.A., Inc., USA
• He confirmed that there are no material reasons for his resignation other than those stated
• The Board has taken note of the resignation and placed on record its appreciation for his guidance and contributions during his tenure as an Independent Director

How to read this update

• One part is a fund-raising step: a Board approval to raise debt through NCDs up to INR 10,000 Crore, with the actual tranche terms to be decided by the Finance Committee
• The other part is a Board change: an independent director stepping down, with the stated reason being personal
• Both are disclosures of decisions taken at the Board meeting; the NCD issuance and allotment disclosures would follow at the appropriate stage

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.