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Pharma major Glenmark Pharmaceuticals Ltd will be utilising the $40 million loan from International Finance Corporation (IFC) to refinance existing debt and for capital expenditure.
Glenmark is having a good presence in generics, over the counter and specialty drugs. The IFC has committed an unsecured loan of $40 million to the company. Queried about the deployment of the loan fund a company spokesperson told IANS: "The $40 mn loan will be utilized to refinance existing Foreign Currency Convertible Bonds (FCCBs) and capex funding." The IFC in 2016 had invested in convertible debt of $75 million in Glenmark for expansion project. According to the Glenmark spokesperson, IFC had subscribed to the company's FCCB for a principal of $75 million. "The FCCB's have maturity in June 2022 and are not yet converted," the official said. --IANS vj/sdr/ ( 151 Words) 2021-04-06-10:44:43 (IANS)
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