Glenmark raised Rs. 300 crores ($62.5 million) through Qualified Institutional Placements (QIP) on Friday. Glenmark is the latest entrant into the list of companies, including ING Vysya, Nagarjuna Construction and Akruti City, which have issued QIPs this year as a means of reducing their corporate debt burden.
Unsurprisingly, Glenmark's legal advisors on the issue are Trilegal. Trilegal has a long-standing relationship with the pharma giant, and Sridhar Gorthi, Partner at Trilegal, is on the Board of Directors of Glenmark. The Trilegal team was led by Partner Amit Tambe [pictured], assisted by Associates Ajit Sharma, Vardaan Ahluwalia and Sriram Ramachandran.
Marshall Mendoza, VP (Legal and Company Secretary) was the in-house legal advisor to the issue. Amarchand Mangaldass advised the underwriters on aspects of domestic law. Trilegal's 'best friend' Allen & Overy were the international legal advisors to the underwriters.