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Glenmark Pharmaceuticals to receive Rs 945 crore from Temasek Holdings

18 Apr 2015 Evaluate

Glenmark Pharmaceuticals is set to receive an infusion of Rs 945 crore from Temasek Holdings (Private), the investment arm of the Singapore government. The move will help ease company’s debt burden of $420 million (over Rs 2,500 crore).

Besides, the company has said Temasek Holdings was considering investing in it through its wholly-owned subsidiary Aranda Investments (Mauritius), in equity shares to be issued by the company on a preferential basis.

The company would raise funds by issuing up to 108,00,000 equity shares of Re 1 on a preferential basis for cash to Aranda, a foreign portfolio investor, at Rs 875 per share.

Glenmark’s current portfolio consists of 97 products authorized for distribution in the US marketplace and 68 ANDA’s pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

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