Glenmark Arm Files Papers For Rs 1,160 Crore Glenmark Life Sciences' IPO

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 by Glenmark Pharmaceuticals.

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 (SEBI) for raising Rs 1,160 crore through share sale via initial public offering (IPO). 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 by Glenmark Pharmaceuticals. 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.