Glenmark Pharmaceuticals may raise up to $300M

Mumbai-based Glenmark Pharmaceuticals Limited, which focuses on research to develop new chemical entities (NCEs) and new biological entities (NBEs), is looking to raise as much as $300 million (over Rs 1,800 crore) through insurance of securities in one or more tranches, as per a stock market disclosure.

The firm did not disclose the purpose of the proposed fundraising.

Glenmark has also sought to increase the investment limits of Foreign Institution Investors (FIIs) from 40 per cent to 55 per cent. It will seek shareholders approval for the same.

(Edited by Joby Puthuparampil Johnson)