Glenmark Pharmaceuticals to issue shares at Rs 221

Glenmark Pharmaceuticals Ltd has announced that the Committee of Directors of the Company at its meeting held on September 14, 2009 determined September 14, 2009 to be the issue closing date and Rs 221 per equity share to be the price pursuant to the qualified institutions placement of equity shares. The Committee has also approved the Placement Document in respect of the equity shares proposed to be issued as aforesaid. The Company proposes to issue 18,712,935 equity shares of face value of Re 1 each to raise aggregate proceeds of Rs 4,135.56 million and net proceeds, after deduction of issue expenses of Rs 4,038.19 million. The outstanding paid up capital of the Company pursuant to the issue shall be Rs 269,581,053.

The stock was trading at Rs.218.35, up by Rs.3.05 or 1.42%. The stock hit an intraday high of Rs.221.85 and low of Rs.214.95.

The total traded quantity was 275985 compared to 2 week average of 582039.

Source : Equity Bulls

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