Glenmark Pharma to raise $30mn via FCCBs

Glenmark Pharmaceuticals has launched foreign currency convertible bonds (FCCBs) offering to raise $ 30 million.

According to a release issued by Glenmark Pharmaceuticals to the BSE today, the FCCBs will be listed on the Singapore Stock Exchange, and are convertible into equity shares of the company, at the option of its bondholders.

The offering was launched today after market trading hours, the release added.

The FCCBs have a maturity of five years and one day, and are convertible at a conversion price that is higher of either Rs 317.25 per share or at a 35% premium to the average of the company's volume weighted average closing price for the period commencing September 10, 2007 and ending November 10, 2007.

The bonds carry a zero coupon with a yield to maturity set at 6.80%, the release added.

JP Morgan is acting as the lead manager and sole book runner for this offering.