This Article is From May 19, 2015

Glenmark Issues over 1 Cr Shares to Aranda, Raises Rs 945 Cr

Glenmark Issues over 1 Cr Shares to Aranda, Raises Rs 945 Cr
Glenmark Pharmaceuticals has raised Rs 945 crore by issuing over 1 crore shares to Aranda Investments, an indirect subsidiary of Temasek Holdings.

The preferential issue committee of the board of the company which met today, allotted over 1.08 crore equity shares of the face value of Re 1 each at a price of Rs 875 per equity share to Aranda Investments (Mauritius) Pte Ltd, on preferential basis, Glenmark Pharma said in a filing to BSE.

Mauritius-based Aranda Investments is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings (Private) Ltd, the investment arm of the Singapore government.

Glenmark currently employs over 10,400 people in over 80 countries. It has 14 manufacturing facilities in four countries and has 6 R&D centres.

Besides, the Reserve Bank today permitted foreign institutional investors (FIIs) to buy up to 49 per cent stake in the homegrown drug major. The earlier limit was 40 per cent.

FIIs "through primary market and stock exchanges, can now purchase up to 49 per cent of the paid up capital of Glenmark Pharmaceuticals Ltd under the Portfolio Investment Scheme (PIS)," the central bank said.

Shares of Glenmark Pharmaceuticals today closed at Rs 899.35 per scrip on BSE, down 0.71 per cent from its previous close.