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    Glenmark launches offer to raise up to $200 million

    Synopsis

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

    ET Bureau

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    MUMBAI: has launched an FCCB (foreign currency convertible bonds) issue from the Singapore stock exchange to raise up to $200 million.

    A Glenmark spokesperson declined to comment on the matter.

    "Washington-based IFC, a global investor, has come in as anchor investor," said a person close to the development.

    The issue comes nearly four years after the last fundraising plan through FCCB by an Indian pharmaceutical company, the person said, requesting not to be identified.

    The bonds are likely to have a 2% coupon and can be converted after 18 months from the date of issuance. At the time of conversion, the price will be at a 20% premium to the then traded stock price.

    The 2% coupon and 20% premium model is a unique structure, the person said.

    JP Morgan is the sole advisor for the fundraising plan, which is aimed at retiring existing debt as well as mobilising funds for fresh capex plans. The company has a debt of $450 million.

    IFC is likely to invest up to Rs 500 crore in the issue and will stay invested for a long term, said a source.
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    1 Comment on this Story

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