Glenmark Pharma gets shareholders' nod to raise $200 million via debt securities

Glenmark Pharmaceuticals on Saturday said it has received shareholders approval to raise up to $200 million (about Rs 1,413 crore) through issuance of debt securities.

The Mumbai-based drug maker said that the proposal was approved at the company's annual general meeting held on September 27. The company, however, did not disclose the reason for the fund-raising.

The 41st Annual General Meeting (AGM) of Glenmark Pharmaceuticals was held on September 27, 2019 in Mumbai.

"All the Resolutions were declared passed with the requisite majority," Glenmark Pharmaceuticals said in a filing to the Bombay Stock Exchange.

As per 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.

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 said.

Meanwhile, shares of Glenmark Pharmaceuticals closed Friday's trade at Rs 333.30 apiece, down 3.73 per cent lower, on the Bombay Stock Exchange.

Edited by Chitranjan Kumar with PTI inputs

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