Wed, 12 May 2021

Mumbai (Maharashtra) [India], Apr 19 (ANI): 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. (ANI)

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