The Economic Times
English EditionEnglish Editionहिन्दी
| E-Paper

    Glenmark launches offer to raise up to $200 million


    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


    Read Stock Insights by ET for a quick analysis

    Explore Now
    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.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    1 Comment on this Story

    Transplant C1372 days ago
    We're looking for D0nors with the sum of $450,000.00,Call or Whatsapp Dr. Donya Hockett for more details:
    Mobile: 91 9036106919
    WhatsApp 917418483326
    Read before you invest. Insights on Glenmark Pharmaceuticals Ltd.. Explore Now
    The Economic Times