Chennai, April 6 (IANS) Pharma major Glenmark Pharmaceuticals Ltd will be utilising the $40 million loan from International Finance Corporation (IFC) to refinance existing debt and for capital expenditure.

Glenmark 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.

Queried about the deployment of the loan fund a company spokesperson told IANS: "The $40 mn loan will be utilized to refinance existing Foreign Currency Convertible Bonds (FCCBs) and capex funding."

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.

--IANS vj/sdr/