Glenmark gets shareholders' nod to raise up to $300 mn

Glenmark Pharmaceuticals has received shareholders' nod to raise up to $300 million (around Rs 1,890 crore) through issue of securities.

In a filing to the BSE, the company said its proposal to issue securities not exceeding $300 million was approved by with 96.07 per cent votes in favour through postal ballot.

Shareholders also approved hiking the shareholding limit for foreign institutional investors FIIs)/RFPIs from 40 per cent up to an aggregate limit of 49 per cent of the paid up share capital of the company, it added.

Shares of Glenmark Pharmaceuticals closed on Wednesday at Rs 770.35 per scrip on BSE, down 0.41 per cent from their previous close.