Glenmark Pharma to use IFC's $40 mn loan for debt refinance and capex By IANS | Published on Tue, Apr 6 2021 10:51 IST | 3 Views India's pharma exports surge as tide turns against China. Image Source: IANS News Chennai, April 6 : 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."