Glenmark Pharmaceuticals mentioned on Saturday that its wholly-owned arm Glenmark Life Sciences has filed preliminary papers with the market regulator Sebi for an preliminary public provide. The provide will comprise a contemporary concern of as much as Rs 1,160 crore and a proposal on the market of as much as 73,05,245 fairness shares of Rs 2 every of Glenmark Life Sciences by Glenmark Pharmaceuticals, Glenmark Pharma mentioned.
“Glenmark Life Sciences Limited, a wholly owned subsidiary of Glenmark Pharmaceuticals Limited, has today, i.e. on April 16, 2021, filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer,” Glenmark Pharma mentioned in a regulatory submitting to the inventory exchanges. The IPO will likely be topic to market situations.
The IPO proceeds will likely be used to fund capital expenditure necessities and for basic company functions.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the funding bankers for the IPO.
On Friday, the shares of Glenmark Pharma ended the session at Rs 571.90, larger by 6.54 per cent, on the BSE.