Reserve Bank of India (RBI) has allowed foreign institutional investors (FIIs) to buy up to 49% stake in Glenmark Pharmaceuticals. FIIs through primary market and stock exchanges, can now purchase up to 49% of the paid up capital of the company under the Portfolio Investment Scheme (PIS).
In December, the company had received shareholder nod for enhancing the limit from 40% to 49% for the purchase of its equity shares and convertible debentures by FIIs. As on March 2015, FIIs hold 34.71% stake in the pharma major.
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.
