Corporate

Glenmark plans to raise Rs 300-350 cr through QIP

Drug firm Glenmark Pharmaceuticals is planning to raise around Rs 300-350 crore through issue of shares to qualified institutional buyers on a private placement basis. - Ackruti City raises Rs 302 cr through QIP issue - Glenmark"s drug fails clinical trials - Glenmark faces patent infringement case in US - Glenmark confirms Smithkline's lawsuit in US - S Kumars Nationwide shareholders okays QIP issue - Glenmark gets US nod for ointment The committee of directors (of the board) has decided to allot equity shares to qualified institutional buyers, Glenmark today said in a filing to the Bombay Stock Exchange. The issue opened on Thursday and closed this morning. According to market sources, 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. When contacted, the company spokesperson declined to comment.

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