Corporate News Details
The generics division of Glenmark Pharmaceuticals, Glenmark Generics filed the draft prospectus with Sebi on Wednesday, to raise Rs 550-600 crore from the primary market.
Chairman of Glenmark Pharmaceuticals, Glen Saldanha, confirmed the filing of the prospectus for an initial public offering (IPO). According to a source, the drug maker will dilute a 15-20 per cent stake in Glenmark Generics through IPO.
A considerable portion of the proceeds will be utilized to reduce Glenmark's debt of around Rs 1,900 crore, said the source. The company plans to bring down its debt to below Rs 800 crore, he added. Recently, Glenmark has raised Rs 400 crore through a qualified institutional placement (QIP) of shares and plans to organize another Rs 300 crore from its cash flows to retire debt.
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