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Eris Lifesciences to avail rupee term loan facility of Rs 120.82 crore from Citi Bank N.A.

22 Aug 2023 Evaluate

Eris Lifesciences has entered into Term Loan Agreement dated August 21, 2023 to avail the Rupee Term Loan facility amounting to Rs 120.82 crore from Citi Bank N.A. (Bank). However, the consolidated net debt of the Company is not expected to be altered due to this development as an equivalent amount is expected to be paid by Eris Oaknet Healthcare (EOHPL) to Citi bank towards repayments of outstanding loans over the next fortnight.

The agreement is for availing Rupee Term Loan to acquire dermatology trademarks from Eris Oaknet Healthcare, wholly owned subsidiary of the company, as intimated by the Company on July 03, 2023. The funds so acquired by EOHPL from the Company are to be reportedly used for the repayment/closure of Citi bank loans availed by EOHPL which were secured through the corporate guarantee of the Company as reported on January 17, 2023.

Eris Lifesciences develops, manufactures and commercializes branded pharmaceutical products in select therapeutic areas within the chronic and acute categories of the IPM, such as: cardiovascular; anti-diabetics; vitamins; gastroenterology; and anti-infectives.


Eris Lifesciences Share Price

1410.85 18.05 (1.30%)
24-Apr-2026 09:07 View Price Chart
Peers
Company Name CMP
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