Glenmark Pharmaceuticals to raise Rs 300 – 350 crore

Glenmark Pharmaceuticals to raise Rs 300 – 350 croreIndia's leading drugmaker Glenmark Pharmaceuticals has revealed the company plans to raise around Rs 300 -350 crore through issue of shares to qualified institutional buyers on a private placement basis.

The committee of directors has decided to allot equity shares to qualified institutional buyers.

The Glenmark QIP opened on Thursday and will close before the market opens on Friday.

The Glenmark QIP issue is priced at Rs 221 per share, and 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.

Enam and Citigroup were the bankers to the deal.