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Hyderabad, Sept. 18

Suven Life Sciences Ltd will be raising $50 million through convertible debt instruments/securities. A proposal in this regard was approved by the members at the annual general meeting of the company held here, the Hyderabad-based company informed the BSE. The funds could be raised by the issue of foreign currency convertible bonds/American depository receipts and global depository receipts, among others, said a release. “The funds can also be raised through private equity or a strategic partner. They will be used in creating/expanding infrastructure for discovery research and phase-II clinical trails of our molecule, Suven 502 (for Alzheimer’s disease),” Mr Venkat Jasti, Vice-Chairman and CEO, Suven Life Sciences, told Business Line.

— Our Bureau

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