Chennai: Glenmark Pharma will be utilising the $40 million loan from International Finance Corporation (IFC) to refinance existing debt and for capital expenditure.
Glenmark Pharma 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.
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.
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