Glenmark gets shareholders' nod to raise up to $300 million

Glenmark Pharmaceuticals has received shareholders' nod to raise up to $300 million (around Rs 1,890 crore) through issue of securities.

In a filing to the BSE, the company said its proposal to issue securities not exceeding $300 million was approved by with 96.07% votes in favour through postal ballot.

Shareholders also approved hiking the shareholding limit for foreign institutional investors FIIs)/RFPIs from 40% up to an aggregate limit of 49% of the paid up share capital of the company, it added.

Shares of Glenmark Pharmaceuticals today closed at Rs 770.35 per scrip on BSE, down 0.41% from their previous close.