International Finance Corporation will be investing US $75 in Glenmark Pharmaceuticals

Q.  International Finance Corp, private sector lending arm of the WB is looking to invest US $75 million in which company?
- Published on 20 Jun 16

a. Glenmark Pharmaceuticals Ltd
b. Ranbaxy
c. Sun Pharmaceuticals
d. None of the above

ANSWER: Glenmark Pharmaceuticals Ltd
 
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
  • Glenmark’s 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

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