Glenmark Life Sciences Files IPO Papers With Sebi

Glenmark Life Sciences IPO: 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 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.