Drug maker Glenmark Pharmaceuticals Ltd has raised Rs 413 crore through the qualified institutional placement (QIP) route, according to its filing with the BSE. The company will deploy these funds to reduce its debt burden, which currently stands at Rs 2,000 crore.
A little over 1.87 crore shares have been placed with the investors at Rs 221 each. Enam Securities and Citigroup were the bankers to the deal.
The share price of Glenmark closed at Rs 216.8 today, up by less than 1%, against the Sensex which was up by around 1.5%.
Glenmark has also said that it plans to sell stake in Glenmark Generics, a generic and active pharmaceutical ingredients (API) manufacturer which is a 100% subsidiary of the firm. According to a report from Moneycontrol, these funds would also go towards debt repayment. Glenmark Generics posted net sales of $196 million in FY 2008, according to the company website.