Glenmark Life Sciences Limited, a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited, on Friday, April 16, filed a draft red herring prospectus (DRHP)  with the Securities and Exchange Board of India (SEBI)  for an initial public offer (IPO).

The proposed IPO is comprising of a fresh issue of up to Rs11,600 million and an offer for sale of up to 7,305,245 equity shares of Rs 2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited. The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.

In connection with the aforementioned Offer, the board of directors of Glenmark Pharmaceuticals Limited, at its meeting held today, i.e. 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.

In the weekend market, shares of  Glenmark Pharmaceuticals Ltd. closed in National Stock Exchange (NSE) at Rs.570 as compared to the previous close of Rs. 537. The stock hit an intraday high of Rs. 578 and intraday low of 525.65.

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