Glenmark Pharm surges as its arm files draft red herring prospectus with SEBI for IPO
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Glenmark Pharmaceuticals is currently trading at Rs. 580.95, up by 9.05 points or 1.58% from its previous closing of Rs. 571.90 on the BSE.
The scrip opened at Rs. 572.00 and has touched a high and low of Rs. 587.50 and Rs. 539.00 respectively. So far 495255 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 587.50 on 19-Apr-2021 and a 52 week low of Rs. 304.70 on 21-Apr-2020.
Last one week high and low of the scrip stood at Rs. 587.50 and Rs. 485.00 respectively. The current market cap of the company is Rs. 16077.94 crore.
The promoters holding in the company stood at 46.63%, while Institutions and Non-Institutions held 35.00% and 18.38% respectively.
Glenmark Life Sciences, a wholly owned subsidiary of Glenmark Pharmaceuticals, has on April 16, 2021, filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, comprising of a fresh issue of up to Rs 11,600 million and an offer for sale of up to 7,305,245 equity shares of Rs 2 each of Glenmark Life Sciences, by Glenmark Pharmaceuticals (Offer).
In connection with the aforementioned Offer, the board of directors of Glenmark Pharmaceuticals, at its meeting held on April 16, 2021, accorded its approval for the offer for sale of up to 7,305,245 equity shares of Rs 2, in the Offer.
The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.
Glenmark Pharmaceuticals is a global research-led pharmaceutical company with presence across Generics, Specialty and OTC business with operations in over 50 countries.
