Glenmark Pharmaceuticals gained 0.75% to Rs 859.90 at 12:30 IST on BSE after the company announced that the issuance committee of the company approved raising of up to $200 million through issue of foreign currency convertible bonds.
The announcement was made after market hours yesterday, 31 May 2016.Meanwhile, the BSE Sensex was up 89.60 points, or 0.34%, to 26,757.56.
On BSE, so far 15,772 shares were traded in the counter, compared with an average volume of 40,807 shares in the past one quarter. The stock hit a high of Rs 866.35 and a low of Rs 853.55 so far during the day. The stock hit a record high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 671.50 on 12 February 2016. The stock had underperformed the market over the past one month till 31 May 2016, rising 2.76% compared with 4.14% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 15.93% as against Sensex's 15.94% rise.
The large-cap company has an equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals said that the issuance committee of the company approved raising of up to $200 million through issue of foreign currency convertible bonds (FCCBs) to be listed on the Singapore Stock Exchange. The FCCB issue was launched yesterday, 31 May 2016. The floor price for conversion of the FCCBs shall be Rs 861.84. The company will issue FCCBs at 100% of their principal amount on or about closing date on 28 June 2016. The deal size of the issue is $170 million with an upsize option of $30 million excercisable in whole or in part upto 60 days post closing date. The issue has a tenure of 6 years and will mature on 28 June 2022. The bonds carry coupon of 2% per annum payable on a semi annual basis in arrear.
The company had earlier received approval from its board and its shareholders to raise up to $500 million through issuance of securities including equity shares or equity linked securities, including through qualified institutional placement (QIP), convertible bonds, warrants, depository receipts.
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On a consolidated basis, Glenmark Pharmaceuticals' net profit jumped 1516.31% to Rs 171.49 crore on 24% rise in net sales to Rs 2174.02 crore in Q4 March 2016 over Q4 March 2015.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation (asthma/COPD, rheumatoid arthritis etc.) and pain (neuropathic pain and inflammatory pain).
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