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 Corporate - Overseas Borrowings
Glenmark to raise $250 m

Mumbai, Sept 18

Glenmark shareholders have approved an enabling resolution to raise up to $250 million (about Rs 1,200 crore), the company said on Friday. Only recently, the company had raised over Rs 400 crore through a QIP (Qualified Institutional Placement) issue.

The money will be used for repayment of debt, said a company official. Glenmark has a debt of about Rs 1,900 crore for the year ended March 2009, that now stands reduced by about Rs 400 crore, he said. Glenmark shares were up 2 per cent, at Rs 222 on the BSE. - Our Bureau

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