Glenmark Pharma approves Rs1,160cr IPO from subsidiary Glenmark Life Sciences; Stock trades higher

Glenmark Life Sciences on April 16, 2021, filed a draft red herring prospectus comprising of a fresh issue of up to Rs1,160cr and an offer for sale of up to 7,305,245 equity shares of Rs2 each.

Apr 19, 2021 11:04 IST India Infoline News Service

Glenmark Pharmaceuticals
Glenmark Life Sciences Limited, a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited, on April 16, 2021, filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, comprising of a fresh issue of up to Rs1,160cr and an offer for sale of up to 7,305,245 equity shares of Rs2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited (“Offer”).

In connection with the aforementioned Offer, the board of directors of Glenmark Pharmaceuticals Limited, at its meeting held on April 16, 2021, accorded its approval for the offer for sale of up to 7,305,245 equity shares of Rs2, in the Offer.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.

At around 11.57 am, Glenmark Pharmaceuticals Ltd was trading at Rs573.30 per piece up by Rs1.4 or 0.24% on the BSE.

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