Glenmark Pharmaceuticals has received shareholders’ approval to raise up to $300 million (around Rs 1,890 crore) through issue of securities. The proposal to issue securities not exceeding $300 million was approved by with 96.07% votes in favour through postal ballot.
The company’s shareholders also approved hiking the shareholding limit for foreign institutional investors FIIs/RFPIs from 40% up to an aggregate limit of 49% of the paid up share capital of the company.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company and ranked among the top 80 Pharma & Biotech companies of the world in terms of revenues as per SCRIP 100 Rankings. Glenmark has several molecules in various stages of clinical development and primarily focused in the areas of Inflammation, Pain and Oncology. The company has significant presence in branded formulations across emerging economies including India.
