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September, 2006 Pragati Maidan, New Delhi, India |
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Glenmark plans $80-m FCCB float.
Glenmark a mid sized pharma company in its annual board meeting in Mumbai last week decided to go for a foreign currency convertible bond (FCCB) issue of about $80 million.
The proceeds from the FCCB float will meet the company’s fund requirement for expansion, both domestic and global.
At present the company’s business structure is divided into four units. Focusing on domestic products, international products for exports, advanced pharmaceutical ingredients and R&D. International sales account for 19% of the company’s total turnover.
The company has been manufacturing and distributing for dermatology, gynecology and lifestyle diseases, such as diabetes and cardio vascular conditions. In 2002 Actis invested $10.2 million in Glenmark via convertible debentures linked to the financial performance of the company in 2003.
Actis also advised on a stock market liquidity programme to help enhance Glenmark’s market value.
Date: 20-Dec-2004
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