Glenmark Life Sciences Limited, a wholly-owned subsidiary of Glenmark Pharmaceuticals Limited, has on April 16, 2021, filed a draft red herring prospectus with the Sebi  for an initial public offer, 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 Rs2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited

The Initial Public Offering will be subject to market conditions, receipt of applicable approvals and other considerations. The board of directors has accorded its approval for the offer for sale, the company said in a statement.

Reacting to the developments, Shares of Glenmark Pharmaceuticals Ltd was last trading in NSE at Rs.577, at around 2.20 pm,  as compared to the previous close of Rs. 571.90. At the same time, the NSE Nifty clocked at 14,333.95, down by 280 points. The total traded volume of shares during the day was 1,14,38,748.  The stock hit an intraday high of Rs. 587.60 and an intraday low of 538.45.

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