Glenmark Life Sciences allots equities to bidders at offer price of Rs720 per share post IPO, Glenmark stake reduces to 82.84%

Post the above allotment, the shareholding percentage of Glenmark in Glenmark Life Sciences has reduced from 100% to 82.84%.

Aug 04, 2021 04:08 IST India Infoline News Service

Glenmark Pharmaceuticals
Glenmark Pharmaceutical has announced that Glenmark Life Sciences has allotted equity shares, according to the IPO, at an offer price of Rs720 per equity share, to the successful bidders on August 3, 2021.

Post the above allotment, the shareholding percentage of Glenmark in Glenmark Life Sciences has reduced from 100% to 82.84%.

The IPO comprised of a fresh issue of 14,722,222 equity shares by Glenmark Life Sciences and an offer for sale of 6,300,000 equity shares by the Company. The IPO opened for subscription on July 27, 2021, and closed on July 29, 2021.

Glenmark Life Sciences filed the prospectus with the ROC on July 30, 2021.

The IPO was oversubscribed by 44.17 times. A price band of Rs695 to Rs720 per equity share was set.

On Sensex, Glenmark closed at Rs596.10 per piece down 1.3%. 

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