Glenmark plans to raise $200 million, IFC to participate with $75 million commitment

Glenmark Pharmaceuticals Limited

7190   Planning 20 Crore

Project Information

Organization Name
Glenmark Pharmaceuticals Limited
Project Title
Glenmark plans to raise $200 million, IFC to participate with $75 million commitment
Project Detail
Pharma major Glenmark is planning to raise around $200 million, of which International Finance Corporation (IFC) is planning to invest upto $75 million. The company plans to raise the money through market issuance of quasi-equity instruments. IFC said that the proposed investment of upto $75 million to be used for expanding manufacturing capacity (primarily in India); building R&D capacity for new products (including in India); and reduce debt so that internal accruals can be deployed to R&D. The company is looking for IFC to be a long term partner, when it is developing new products that will take several years to be commercially launched. IFC is a patient investor who can reduce funding uncertainty in the long term, and avoid frequent trading which can cause volatility in stock price. Having IFC as an anchor investor in this round of fund-raise will also help attract other investors, which is important during a time of volatile markets. The proposed fund raising of $200 million is to support company's expansion of domestic manufacturing of the company and for a "significant" amount in capital expenditure over the next three years across its facilities in India.
Project Value
20 Crore
Project Status
Multi Location
Project State
Multi State
Healthcare,Healthcare and Medicine

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