Glenmark Pharmaceuticals to raise funds through QIP

Glenmark Pharmaceuticals Ltd has announced that the Committee of Directors (CoD)of the Company at its meeting held on September 10, 2009, pursuant to the authorization given by the shareholders given under Section 81(1A) and other applicable provisions of the Companies Act, 1956, has decided to make an issuance of equity shares of face value of Re. 1 each of the Company to Qualified Institutional Buyers and for this purpose, to open the issue. The Committee has also approved the Preliminary Placement Document in respect of the equity shares proposed to be issued as aforesaid.

The stock was trading at Rs.221.90, down by Rs.3.20 or 1.42%. The stock hit an intraday high of Rs.230 and low of Rs.220.35.

The total traded quantity was 301326 compared to 2 week average of 611834.

Source : Equity Bulls

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