Glenmark seeks shareholders’ nod to raise up to $500 mn

New Delhi :Glenmark Pharmaceuticals seeks shareholders’ approval to raise up to USD 500 million (around Rs 3,300 crore) by issue of securities to fund its expansion plans, including setting up of new manufacturing facilities.

The Mumbai-based firm is seeking the approval through a postal ballot to raise the funds by issue of securities in domestic as well as foreign markets, Glenmark today said in a BSE filing.

In order to capitalise on various opportunities for further growth of the business, the company intends to enhance its marketing network both in domestic and overseas market, set up manufacturing infrastructure, focus on R&D and introduce new products across various markets, it added.

“Therefore, it would be necessary for the company to raise funds in Indian and/or international markets in one or more tranches by issue of shares/securities, in one or more series of such securities (with different tenures)”, the company said.

The company is also seeking shareholders’ consent for creation of charge/mortgage on assets of the company.

The postal ballot ends on January 20, 2016.

Glenmark has a significant presence in branded generics markets across emerging economies including India. Its subsidiary Glenmark Generics Ltd has a fast growing and robust US generics business.

Glenmark has 16 manufacturing facilities in five countries and six R&D centres and it employs over 11,500 strong workforce from around 50 nationalities.

The company’s shares were trading at Rs 929.35 apiece on the BSE, down 1.64 per cent from previous close.