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BW Businessworld

Singapore's Temasek To Invest Rs 945 Crore In Glenmark

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Glenmark Pharmaceuticals plans to raise up to Rs 945 crore ($151.39 million) by issuing over one crore shares to Temasek Holdings, the investment arm of the Singapore government, on a preferential basis.
The company's board, which met on Friday, has decided to raise funds by issuing upto 1.08 crore shares of Re 1 each for cash to Aranda Investments (Mauritius) Pte Ltd on a preferential basis at a price of Rs 875 per equity share aggregating to Rs 945 crore, Glenmark Pharmaceuticals Ltd said in a statement.
Mauritius-based Aranda is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings (Private) Limited, the investment arm of the Singapore government.
"We are pleased that one of the world?s most reputed financial institution Temasek Holdings is considering investment in the company," Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said.
Glenmark continues to remain committed to being an innovation-led global organisation and will continue to invest significantly in building a strong product pipeline across geographies, he added.
The Mumbai-based drug firm's board has also approved to convene an extra ordinary general meeting (EGM) of the company will be held on May 13 to seek shareholder' approval for the preferential issue.
The Indian drugmaker employs more than 10,400 people in about 80 countries. It has 14 manufacturing facilities in four countries and has six research and development centres.
Glenmark's stock closed at Rs 864.45 on the BSE on Friday, down 1.73 per cent from its previous close.
Temasek recently acquired SVB India Finance for Rs 300 crore, marking its foray into venture-debt lending market.
SVB India, which has now been renamed as InnoVen Capital India, provides debt financing to venture capital-backed early stage and mid-growth companies. It has extended funding for various firms including Snapdeal, Myntra and Freecharge.
Madhabi Puri Buch, former CEO of ICICI Securities, has been appointed as chairperson of InnoVen Capital.