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

Pharma major 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 $40 mn loan will be utilized to refinance existing Foreign Currency Convertible Bonds (FCCBs) and capex funding,” IANS reported.

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.