Gland Pharma announces launch of initial public offering
Gland Pharma Ltd. has announced public offering of 43196968 shares at a price of Rs 1.00 each for Cash at a Premium of Rs 1,499.00 per share. The gross proceeds of the issue are expected to be Rs 6,47,954.52 lakhs.
The company's initial public offer (IPO) will open on 09 November 2020 and is expected to close on 11 November 2020, subject to customary closing conditions. The price band of the issue has been fixed at Rs 1,490.00-1,500.00 per share.
The IPO includes a fresh Issue of 43196968 Equity Shares of the Company at an price of Rs 1,500.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 10 shares with bids in multiples of 10. Gland Pharma Ltd. anticipates using the proceeds of the issue for Funding incremental working capital requirements of the Company Funding capital expenditure requirements of the Company General corporate purposes.
Citigroup Global Markets India Pvt.Ltd.,Kotak Mahindra Capital Company Ltd.,Nomura Financial Advisory & Securities (I) P Ltd.,Haitong Securities India Pvt. Ltd. as lead manager(s) & LINK INTIME INDIA PRIVATE LIMITED is the registrar, to the issue.
