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Glenmark’s arm files for IPO

The offer comprises a fresh issue of up to ₹1,160 crore and an offer-for-sale (OFS) of up to 73,05,245 equity shares of ₹2 each of Glenmark Life Sciences

Glenmark Pharmaceuticals said its wholly-owned arm Glenmark Life Sciences has filed preliminary papers for an initial public offer (IPO) with market regulator SEBI. Glenmark Life Sciences has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer, said a regulatory filing.

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The offer comprises a fresh issue of up to ₹1,160 crore and an offer-for-sale (OFS) of up to 73,05,245 equity shares of ₹2 each of Glenmark Life Sciences, by Glenmark Pharmaceuticals, the filing said.

The board of directors of Glenmark Pharmaceuticals during its meeting on April 16 approved the OFS of up to 73,05,245 equity shares of ₹2 apiece as part of the IPO.

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

PTI

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