Glenmark Pharmaceuticals on Saturday said its wholly-owned arm Glenmark Life Sciences has filed Draft Red Herring Prospectus (DRHP) for an Initial Public Offer (IPO) with market regulator Securities and Exchange Board of India (Sebi).
The offer comprises fresh issues of up to Rs 1,160 crore and an offer for sale of up to 73,05,245 equity shares of Rs 2 each of Glenmark Life Sciences Ltd, by Glenmark Pharmaceuticals Ltd, the filing said.
The board of directors of Glenmark Pharmaceuticals Ltd during its meeting on April 16 approved the offer for sale of up to 73,05,245 equity shares of Rs 2 apiece as part of the IPO.
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The IPO will be subject to market conditions, receipt of applicable approvals, and other considerations, the filing said.
