Drug firm Glenmark Pharmaceuticals today said it has raised Rs 413.56 crore through the

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issue of over 1.87 crore shares to institutional buyers on private placement basis.

The QIP issue, which opened on September 10, closed yesterday, the company said in a filing to the Bombay Stock Exchange, adding that it has priced the equity shares at Rs 221 a piece.

The company proposes to issue 18,712,935 equity shares to raise aggregate proceeds of Rs 413.55 crore and the net proceeds, after deduction of issue expenses stood at Rs 403.81 crore, the filing added.

The outstanding paid up capital of Glenmark pursuant to the issue would be Rs 26.96 crore.

The proceeds from the issue will be used for covering the company's debt. At present, the debt-equity ratio stands at 1.3:1, with a total liability of around Rs 1,950 crore.

Shares of the company rose to an intra-day high of Rs 221.85, a jump of over 3 per cent from its previous closing price. The stock was later quoted at Rs 219.30, up 1.86 per cent on the BSE.