Fund raising plans lift Glenmark shares by over 4 pc

Shares of Glenmark Pharmaceuticals went up by over 4 per cent today as it plans to raise up to Rs 945 crore by issuing over one crore shares to Temasek Holdings, the investment arm of Singapore government, on a preferential basis.
The scrip ended the day 4.30 per cent higher at Rs 901.60 on the BSE. Intra-day, it jumped 6.53 per cent to Rs 920.90.
On the NSE, it rose 4.16 per cent to end at Rs 901.20.
Led by the gain in the stock, the company's market capitalisation rose Rs 1,007.92 crore to Rs 24,459.92 crore.
The company's board, which met on Friday, has decided to raise funds by issuing up to 1.08 crore shares of Re 1 each for cash to Aranda Investments (Mauritius) on a preferential basis at a price of Rs 875 per equity share aggregating Rs 945 crore, Glenmark Pharmaceuticals had said in a statement.

Mauritius-based Aranda is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings (Private), the investment arm of the Singapore government.
"We are pleased that one of the world's most reputed financial institutions, Temasek Holdings, is considering investment in the company," Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha had said.
The drug firm's board has also approved to convene an extraordinary general meeting (EGM) of the company on May 13 to seek shareholder approval for the preferential issue.