The present invention relates to nitric oxide releasing prodrugs of known drugs or therapeutic agents which are represented herein as compounds of formula (I) wherein the drugs or therapeutic agents contain one or more functional groups independently selected from a carboxylic acid an amino a hydroxyl and a sulfhydryl group. The invention also relates to processes for the preparation of the nitric oxide releasing prodrugs (the compounds of formula (I)) to pharmaceutical compositions containing them. The present invention also relates to use of the compounds of formula (I) for the treatment of diseases or disorders for which the known drugs or therapeutic agents are used. The present invention also relates to method of treatment of diseases or disorders in humans or mammals by administering therapeutically effective amount of the compounds of formula (I) to said humans or mammals.