Alembic Pharma is the top gainer on the BSE currently. The stock price rose 5% to Rs.639 though volumes remained muted. Its 52-week high is at Rs.647.80.

The stock price jumped on news that its Board has approved a proposal to raise up to Rs 300 crore through issuance of non-convertible debentures (NCDs) on a private placement basis.

The board of directors has also approved constituting an NCD committee for issuance and allotment of NCDs.

The company however did not mention what it plans to do with the funds raised through NCDs.