Glenmark Pharma to raise Rs 1413 crore via debt securities

According to the proposal, Glenmark Pharma plans to raise up to $ 200 million in Indian and/or international market through bonds, debentures or other debt securities in one or more tranches.

New Delhi: Glenmark Pharmaceuticals on Saturday said its shareholders have approved a proposal to raise up to $ 200 million (about Rs 1,413 crore) through an issuance of debt securities.

The proposal was approved at the company’s annual general meeting held on September 27. “All the Resolutions were declared passed with the requisite majority,” the company said in a BSE filing.

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According to the proposal, the firm plans to raise up to $ 200 million in Indian and/or international market through bonds, debentures or other debt securities in one or more tranches. The price at which the debt securities will be issued shall be determined by the board in accordance with applicable laws and consultation with appropriate advisors, it added.

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