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Shares of Glenmark Pharmaceuticals were trading higher by 4% at Rs 898 on the National Stock Exchange (NSE), in otherwise weak market after the company announced the fund raising plan by upto Rs 945 crore by issuing shares to Singapore's state investment arm Temasek.
“The board has decided to raise funds by way of issue of up to 10.80 million equity shares for cash to Aranda Investments (Mauritius) Pte. Ltd. and a wholly owned indirect subsidiary of Temasek Holdings (Pvt) Ltd on preferential basis at price of Rs 875 per equity share aggregating to approximately Rs 945 crore, subject to the requisite approvals of the shareholders,” Glenmark Pharmaceuticals said in a statement.
The stock opened at Rs 905 and touched a high of Rs 909 on the NSE. A combined 1.29 million shares changed hands on the counter till 1141 hours on the NSE and BSE.
“The board has decided to raise funds by way of issue of up to 10.80 million equity shares for cash to Aranda Investments (Mauritius) Pte. Ltd. and a wholly owned indirect subsidiary of Temasek Holdings (Pvt) Ltd on preferential basis at price of Rs 875 per equity share aggregating to approximately Rs 945 crore, subject to the requisite approvals of the shareholders,” Glenmark Pharmaceuticals said in a statement.
The stock opened at Rs 905 and touched a high of Rs 909 on the NSE. A combined 1.29 million shares changed hands on the counter till 1141 hours on the NSE and BSE.
