India’s Glenmark Pharmaceuticals OKs up to $500 million convertibles

By Tali Rackner

Norfolk, Va., Oct. 29 – Glenmark Pharmaceuticals Ltd. informed the Bombay Stock Exchange that its board of directors met on Thursday and approved a proposal to issue securities in an amount of up to $500 million.

The debentures may be issued through equity shares, equity-linked securities and/or equity shares through convertible bonds and/or depository receipts.

The issue is subject to member approval via postal ballot.

Glenmark Pharmaceuticals is a Mumbai, India, pharmaceutical company.

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