Glenmark to raise Rs 300-350 cr via QIP

by khalid on 12/09/2009 · 0 comments

GLENMARK

Glenmark Pharmaceuticals informed SEBI that its board has decided to allot equity shares to qualified institutional buyers, and they are raising around Rs 300-350 crore via QIP route on a private placement basis.

The company plans to issue shares, priced at Rs 221 per share on a qualified institutional placement basis and is going to raise Rs 300-350 crore through the issue. The proceeds from the issue will be used for covering the company’s debt. At present, the debt-equity ratio stands at 1.3: 1, with a total liability of around Rs 1,950 crore.

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