Glenmark Life Sciences Ltd, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer (IPO) to raise Rs 1,160 crore.
The IPO comprises a fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73.05 lakh equity shares of Rs 2 each of Glenmark Life Sciences Ltd by Glenmark Pharmaceuticals Ltd.
The board of directors has accorded its approval for the offer for sale, the company said in a statement. The IPO will be subject to market conditions receipt of applicable approvals and other considerations.
At 1:40 pm, Glenmark Pharmaceuticals Ltd was trading at Rs 577.80 per share, up by 1 per cent on the BSE.
