This Article is From Apr 20, 2015

Glenmark Surges on Fund Raising Plans, Brokerage Upgrade

Glenmark Surges on Fund Raising Plans, Brokerage Upgrade
Share of Glenmark Pharmaceuticals surged over 5 per cent to hit intra-day high of Rs 910 after the company said that it plans to raise Rs 945 crore from Temasek Holdings.

Glenmark Pharmaceuticals on Friday said that it plans to raise Rs 945 crore by issuing over one crore shares to Temasek Holdings, the investment arm of the Singapore government, on a preferential basis.

The company's board, which met on Friday decided to raise funds by issuing upto 1.08 crore shares of Re 1 each for cash to Aranda Investments (Mauritius) Pte Ltd on a preferential basis at a price of Rs 875 per equity share aggregating to Rs 945 crore, Glenmark Pharmaceuticals Ltd said in a statement.

Meanwhile, international brokerage Macqauire has maintained its 'outperform' rating on the stock with a target price of Rs 1,400. The brokerage in a research note to its clients said that valuations of Glenmark look attractive and margins of the company are at an inflection point.

The shares of Glenmark ended4.3 per cent higher at Rs 902.