Glenmark Pharmaceuticals Ltd has launched a USD 30 million Foreign Currency Convertible Bond (FCCB) offering. The bonds are expected to be listed on the Singapore Stock Exchange and are convertible into the ordinary shares of the company, at the option of its bondholders. The offering was launched after market trading hours on December 20, 2005.

The bonds which have a maturity of 5 years and 1 day are convertible at a conversion price that is higher of either Rs. 317.25 per share or at a 35% premium to the average of the company's volume weighted average closing price for the period commencing September 10, 2007 and ending November 10, 2007, states a company release.

The bonds carry a zero coupon with a yield to maturity set at 6.80%.