ANSWER: Glenmark Pharmaceuticals Ltd
Explanation:
International Finance Corp, the private sector lending arm of the World Bank indicated it was looking to invest US $75 million/INR 500 crore in Glenmark Pharmaceuticals Limited, raising US $200 million to reduce debt and fund expansion plans
- Mumbai based drug company is raising the capital by selling quasi equity instruments
- Company plans to use money for expansion of manufacturing capacity, (mostly in India) and building R&D capacity for fresh products and reducing debt
- Glenmark will invest a significant amount in capital expenditure over three years across facilities in India
- Glenmark has been facing pricing pressure across key markets
- Glenmarkâs debt stood at INR 4000 crore with debt equity ratio of 0.6.
- For the year closing March31, Glenmark posted profit of INR 702 crore on INR 7649.6 crore of revenue
