Cdc Cap To Pick 14% In Glenmark

The UK-headquartered private equity fund, CDC Capital Partners, will pick around 12-14 per cent stake in Glenmark Pharmaceuticals for a consideration of Rs 50 crore.

The company plans to make a preferential allotment of convertible debentures to CDC Financial Services and South Asia Regional Fund, affiliates of CDC Capital.

The convertible debentures will be compulsorily converted to equity shares based on after-tax profits of the company for the fiscal ending March 2003. The conversion price of the debentures will be limited to a maximum of Rs 350 per share and a minimum of Rs 270 per share.

On an average, the price band works out to premium of 20 per cent on yesterday