Glenmark Pharmaceuticals said on Saturday that its wholly-owned arm Glenmark Life Sciences has filed preliminary papers with the market regulator Sebi for an initial public offer. The offer will comprise a fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73,05,245 equity shares of Rs 2 each of Glenmark Life Sciences by Glenmark Pharmaceuticals, Glenmark Pharma said.
“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 said in a regulatory filing to the stock exchanges. The IPO will be subject to market conditions.
The IPO proceeds will be used to fund capital expenditure requirements and for general corporate purposes.
Kotak Mahindra Capital, BofA Securities, Goldman Sachs, DAM Capital, SBI Capital and BoB Capital are the investment bankers for the IPO.
On Friday, the shares of Glenmark Pharma ended the session at Rs 571.90, higher by 6.54 per cent, on the BSE.