Glenmark Pharma approves Rs 1,160 crore IPO from subsidiary Glenmark Life Sciences
By ANI | Published: April 19, 2021 02:00 PM2021-04-19T14:00:18+5:302021-04-19T14:10:08+5:30
Glenmark Life Sciences Ltd, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer (IPO) to raise Rs 1,160 crore.
Glenmark Pharma approves Rs 1,160 crore IPO from subsidiary Glenmark Life Sciences
Glenmark Life Sciences Ltd, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer (IPO) to raise Rs 1,160 crore.
The IPO comprises a fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73.05 lakh equity shares of Rs 2 each of Glenmark Life Sciences Ltd by Glenmark Pharmaceuticals Ltd.
The board of directors has accorded its approval for the offer for sale, the company said in a statement. The IPO will be subject to market conditions receipt of applicable approvals and other considerations.
At 1:40 pm, Glenmark Pharmaceuticals Ltd was trading at Rs 577.80 per share, up by 1 per cent on the BSE.
( With inputs from ANI )
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