18 July, Mumbai
Glenmark Pharmaceuticals Ltd is planning to raise $200 million by issuing USD denominated non-convertible unsecured bonds to repay existing debt, the company said on Monday.
“..subsequent to the rating received by the leading credit agencies in the world that is Standard & Poor’s and Fitch, the company has decided to tap into the international bond market and is planning to raise around $200 million by issuing USD denominated non-convertible unsecured bonds,” the company said in a filing to Bombay Stock Exchange.
“The net proceeds will be used for repaying the existing debt,” it said.
According to the filing, these bonds are planned to be listed on the Singapore Stock Exchange in order to establish the Company’s track record in the globally recognised bond market.