Plethico Pharmaceuticals said on Thursday that it is planning to raise as much as $100 million through equity offerings. It would be considering all the possible routes. This would include Qualified Institutional Placement (QIP), American Depository Receipts (ADRs) and Depository Receipts (GDRs).

The drug company is also considering Foreign Currency Convertible Bonds (FCCBs). It has also not negated the fact of raising money from the share market.

The decision was given a go ahead by the board of directors of the company today and the declaration was submitted to the stock exchanges.

Plethico is raising this money to pay back its debt, the level of which has risen substantially in the last two-three years. It needs to maintain liquidity and for that the company needs to raise money.

The plan, however, needs shareholders approval. And for that the Extraordinary General Meeting is supposed to take place on April 19.

Talking to a private media house, Sanjay Pai, CFO of Plethico Pharmaceuticals said that through this plan the company is planning to dilute 13-18 per cent of its equity.

Post announcement, the share of the company reached an intra-day high of Rs. 375.00