Glenmark to raise Rs 945 crore from Temasek Holdings
17 Apr 2015
Indian drug manufacturer Glenmark Pharmaceuticals Ltd is raising Rs945 crore from Singapore government-controlled Temasek Holdings in exchange of 10.8 million shares.
The company will issue the shares on a preferential basis to Aranda, a wholly-owned subsidiary Glenmark Pharmaceuticals, the company said in a statement to the exchange.
The Indian company's board, which met today, has approved the fund-raising, while the Mumbai-based company has convened an extraordinary general meeting (EGM) on 13 May to seek shareholders' approval for the preferential issue.
''We are pleased that one of the world's most reputed financial institutions, Temasek Holdings, is considering investment in the company," Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said.
Glenmark, which employs more than 10,400 people across 80 countries, has 14 manufacturing facilities in four countries and six R&D centres.
Shares in the company closed down 1.73 per cent at Rs864.45 on a weak Mumbai market on Friday.