Glenmark Life Sciences files IPO papers with SEBI: Aims to raise Rs 1,160 crores



News24

LAST UPDATED: April 17, 2021, 3:40 p.m.

New Delhi (Anish Yande): Glenmark Life Sciences, the API arm of the drugmaker Glenmark Pharmaceuticals, has filed IPO papers with the market regulator, Securities and Exchange Board of India (SEBI). The firm would be launching its IPO in the upcoming weeks. 

Glenmark Life Sciences would be aiming to raise up to Rs 1,160 crores through a fresh issue. The issue consists of an offer for sale of up to 7.31 million shares by Glenmark Pharmaceuticals Ltd.

Glenmark Life Sciences files IPO papers with SEBI: 

In a filing to the exchanges, Glenmark Life Sciences informed that it would be filing a draft red herring prospectus with the SEBI.  ‘The issue comprises of a fresh issue of up to of up to 7,305,245 equity shares of at a face value of Rs 2 each and Rs 11,600 million and an offer for sale of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited.’

The Glenmark Life Sciences IPO would be dependent on market conditions, and applicable approvals. 

The pharma company would be utilizing the proceeds generated from the IPO for payment of outstanding purchase consideration to the promoter and funding capital expenditure requirements. The rest of the funds would be used for general corporate purposes.

Important details of Glenmark Life Sciences IPO:

The lead managers working on the issue are DAM Capital, SBI Capital, Kotak Mahindra Capital, BofA Securities, BoFa Securities, Goldman Sachs, and BoB Capital. Legal advisors to the Glenmark Life Sciences IPO are Trilegal & S&R Associates.  

READ ALSO :  India Witnesses Its First Monolith In Ahmedabad Park; Is There A Mystery To Its Appearance? Know Here

The registrar to Glenmark Life Sciences issue would be KFin Technologies Private Ltd. Glenmark Pharmaceuticals holds a 100% stake in Glenmark Life Sciences.

Glenmark Life Sciences manufactures and markets APIs with a product portfolio that constitutes of more than 130 APIs. The pharma company has a catalog of more than 270 inventions and develops up to 12 new products each year. The firm supplies APIs to more than 700 customers across 65 countries. 

The pharma firm has manufacturing facilities at Ankleshwar and Dahej in Gujarat and Kurkumbh and Mohol in Maharashtra. These facilities produce APIs and intermediates.   

Image Credit: Google



Source link

Leave a Comment