Glenmark Pharma - Outcome of board meeting

Glenmark Pharmaceuticals Ltd has informed that the Board of Directors of the Company at its meeting held on December 20, 2007 has transacted the following:

1. Allotted 4,05,420 Equity shares to the employees of the Company / subsidiaries on exercise of options granted to them pursuant to ESOP'2003.

2. Approved conversion of Zero Coupon Foreign Currency Convertible Bonds amounting to US$ 29,90,000 into 5,15,757 Equity Shares at a price of Rs 253.11 per share of face value Re 1/- each out of US$ 50,000,000 Zero Coupon Foreign Currency Convertible Bonds issued in 2005.

3. Further to the communication on November 07, 2007 regarding the approval by the board for the re-organisation of the business, the board, on December 20, 2007 has approved the postal Ballot notice for seeking approval of the shareholders.