RBI permits FIIs to buy up to 49 per cent stake in Glenmark
Glenmark Pharmaceuticals has raised Rs 945 crore by issuing over one crore shares to Aranda Investments, an indirect subsidiary of Temasek Holdings. The preferential issue committee of the board of the company, allotted over 1.08 crore equity shares of the face value of Re 1 each at a price of Rs 875 per equity share to Aranda Investments (Mauritius), on preferential basis, Glenmark Pharma said in a filing to the Bombay Stock Exchange.
According to a PTI report, Mauritius-based Aranda Investments is a foreign portfolio investor and a wholly-owned indirect subsidiary of Temasek Holdings, the investment arm of the Singapore government.
Besides, the Reserve Bank of India permitted foreign institutional investors (FIIs) to buy up to 49 per cent stake in the homegrown drug major. The earlier limit was 40 per cent.
FIIs “through primary market and stock exchanges, can now purchase up to 49 per cent of the paid up capital of Glenmark Pharmaceuticals under the Portfolio Investment Scheme (PIS),” the central bank said.
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