 "Cipla")
The Mehtas, promoters of Ahmedabad-based Torrent Group, are likely to raise funds from foreign banks to acquire their larger pharmaceutical rival Cipla by pledging a portion of their stake in their listed electricity generation unit, Torrent Power, according to bankers.
Torrent promoters currently hold a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of last Friday, which remains an important avenue for fundraising for the Mehtas.
Bankers estimate that Torrent would need about $7.3 billion to acquire a 33.5 per cent stake in Cipla from its promoters and make an open offer for 26 per cent, assuming 100 per cent subscription at the current market price. In addition, Torrent promoters, who currently hold a 71.25
