Glenmark Life Sciences Ltd files DRHP with SEBI for IPO

Glenmark Life Sciences Limited, a wholly owned subsidiary of Glenmark Pharmaceuticals Limited, has today, i.e. on April 16, 2021, filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, comprising of a fresh issue of up to ₹11,600 million and an offer for sale of up to 7,305,245 equity shares of ₹2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited ("Offer").

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 ₹2, in the Offer.

The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.

Shares of GLENMARK PHARMACEUTICALS LTD. was last trading in BSE at Rs.571.9 as compared to the previous close of Rs. 536.8. The total number of shares traded during the day was 464689 in over 10901 trades.

The stock hit an intraday high of Rs. 577.95 and intraday low of 525.7. The net turnover during the day was Rs. 259662797.

Source : Equity Bulls

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