Drug firm Glenmark Pharmaceuticals today said it plans to raise around US Dollar 200 million (around Rs 1,341 crore) by issuing dollar denominated non-convertible unsecured bonds to repay debt.
“Glenmark Pharmaceuticals Ltd has decided to tap into the International Bond market and is planning to raise around USD 200 mn by issuing USD denominated non-convertible unsecured bonds,” the company said in a BSE filing.
It further said: “The net proceeds will be used for repaying the existing debt. These bonds are planned to be listed on the Singapore Stock Exchange in order to establish the company’s track record in the globally recognized bond market”.
Shares of Glenmark Pharmaceuticals Ltd were trading 1.04 per cent lower at Rs 843 on BSE.