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 (IPO). Glenmark Life Sciences is a wholly-owned subsidiary of Glenmark Pharmaceuticals.
The offer comprises 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.
The board of directors of Glenmark Pharmaceuticals during its meeting on April 16 approved the offer for sale of up to 73,05,245 equity shares of Rs 2 apiece as part of the IPO. The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.