Glenmark launches offer to raise up to $200 million

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New Delhi | Published: May 31, 2016 6:43:00 PM

Glenmark Pharmaceuticals today launched an offer on the Singapore Stock Exchange to raise up to USD 200 million (over Rs 1,340 crore) through issue of securities.

glenmarkGlenmark Pharmaceuticals today launched an offer on the Singapore Stock Exchange to raise up to USD 200 million (over Rs 1,340 crore) through issue of securities.(Reuters)

Glenmark Pharmaceuticals today launched an offer on the Singapore Stock Exchange to raise up to USD 200 million (over Rs 1,340 crore) through issue of securities.

“The issuance committee of the company at its meeting held on May 31, 2016, has approved raising of up to USD 200 million through issuance of FCCBs to be listed on the Singapore Stock Exchange,” Glenmark Pharmaceuticals said in a regulatory filing.

The Mumbai-based company has decided on a regulatory floor price for conversion of the FCCBs at Rs 861.84.

The company, however, did not disclose the reason for the fund-raising.

JP Morgan Securities is the sole global coordinator and bookrunner for the said issue.

Last year, the company’s board and shareholders had approved a plan to raise funds up to USD 500 million through issuance of securities, including shares or equity-linked assets, convertible bonds, warrants, and depository receipts.

Glenmark has a significant presence in branded generic markets across emerging economies, including India. Its subsidiary Glenmark Generics has a fast-growing and robust US generic business.

It has 16 manufacturing facilities across five countries and six R&D centres and employs over 11,500 from around 50 nationalities.

The stock today ended at Rs 853.50 on BSE, down 2.6 per cent from its previous close.

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