Glenmark Pharmaceuticals has raised Rs 413 crore through its recently concluded Qualified Institutional Placement (QIP), which will be used towards its debt reduction plan, a top company official said.

“Our recently concluded QIP generated a good response from investors. The proceeds to the tune of Rs 413 crore will go towards debt reduction. Overall, we expect strong performance out of both the speciality and generic business domains in the financial year 09-10,” Glenmark Pharma’s Managing Director and CEO Glenn Saldanha told shareholders at the company’s annual general meeting.

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