Panel to review arbitration awards cleared by PWD & I&FC
The purpose of forming this committee is to gather details of the decisions delivered against the government, assess the payment amounts, and evaluate the losses incurred.
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.
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The IFC has committed an unsecured loan of $40 million to the company.
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“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.
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