<article> <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=glenmark">Glenmark Pharmaceuticals Ltd</a>. on Tuesday said it will sell foreign currency convertible bonds (FCCBs) to raise up to $200 million (Rs.1,340 crore).</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/?s=glenmark">Glenmark Pharmaceuticals Ltd</a>. on Tuesday said it will sell foreign currency convertible bonds (FCCBs) to raise up to $200 million (Rs.1,340 crore).
“The issuance committee of the company at its meeting held on 31 May, has approved raising of up to $200 million through issuance of FCCBs to be listed on the <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=sgx">Singapore Stock Exchange</a> (Issue) and has decided to open/launch the issue on 31 May,” the company said in a statement to stock exchanges.
“The regulatory floor price for conversion of the FCCBs shall be Rs.861.84,” Glenmark said. <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=jpmorgan">JP Morgan Securities Plc </a>is the sole global coordinator and book runner for the said issue, the company said.
FCCBs are bonds issued in a foreign currency that give investors the option of converting them into equity.
Shares of Glenmark on Tuesday dropped 2.6% to close atRs.853.50 on <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=bse">BSE</a>, the benchmark Sensex declined 0.22% to end 26,667.96.
Glenmark’s shareholders in January approved the company’s proposal to raise up to $500 million through selling shares to investors and raising debt to fund company’s plans to enhance its marketing network both in domestic and overseas market, setting up manufacturing infrastructure, investing on research and development and introducing new products across various markets.
Glenmark had sales of Rs.7,590.9 crore in the year ended March, making it seventh-largest company by sales among India drug makers.
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Glenmark Pharmaceuticals Ltd. said it will sell foreign currency convertible bonds (FCCBs) to raise up to $200 million (Rs.1,340 crore).

India: Glenmark to raise up to $200m via FCCB to be listed on Singapore bourse

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India: Glenmark to raise up to $200m via FCCB to be listed on Singapore bourse

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