Glenmark Pharmaceuticals to raise US$ 250 million

Glenmark Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on July 27, 2009, inter alia, has approved raising of funds through issue of Equity Shares / GDRs / ADRs / FCCBs and / or such other securities for an amount not exceeding US $ 250 million either through preferential issue and /or qualified institutional placement and / or private placement etc. subject to the approval of the shareholders.

The Board has converted 84,000 stock options issued to its employees into 84,000 Equity Shares pursuant to the ESOS 2003.

The stock closed the day at Rs.264.20, down by Rs.6.90 or 2.55%. The stock hit an intraday high of Rs.274 and low of Rs.260.40.

The total traded quantity was 545381 compared to 2 week average of 658296.

Source : Equity Bulls

Keywords