Glenmark Pharma considers buyback of Singapore FCCBs; stock jumps 3%

NEW DELHI: Shares of Glenmark Pharma jumped over 3 per cent in Wednesday’s trade after the company said its operations committee would consider opportunistic tenders or buybacks of any part of its Singapore listed foreign currency convertible bonds.

In a filing to the BSE, the company said it may make such consideration on its $200 million 2 per cent resettable onward-starting equity-linked securities due June 28, 2022 (issued in 2016), and/or its $200-million 4.5 per cent senior notes (due in 2021) based on market opportunities and conditions from time to time and to delegate powers to operations committee.

At 9.30 am, the stock was down 3.32 per cent at Rs 657 on BSE.


“The Operations Committee, based on market opportunities and conditions, will hold meetings during the next one month to consider and approve the terms and conditions of any tenders or buybacks,” the company said.