Glenmark Pharmaceuticals Ltd's stake in Glenmark Life Sciences Limited reduces to 82.84% post IPO

Glenmark Pharmaceuticals Ltd's wholly owned subsidiary, Glenmark Life Sciences Limited had earlier filed red herring prospectus for initial public offering and the IPO opened for subscription on July 27, 2021 and closed on July 29, 2021.

The IPO comprised of a fresh issue of 14,722,222 equity shares by Glenmark Life Sciences Limited and an offer for sale of 6,300,000 equity shares by the Company.

Glenmark Life Sciences Limited has now filed the prospectus with the ROC on July 30, 2021.

The equity shares of the Glenmark Life Sciences Limited, pursuant to the IPO, were allotted at an offer price of Rs. 720 per equity share, to the successful bidders on August 3, 2021.

Post the above allotment, the shareholding percentage of the Company in Glenmark Life Sciences Limited has reduced from 100% to 82.84%.

Shares of Glenmark Pharmaceuticals ltd was last trading in BSE at Rs. 603 as compared to the previous close of Rs. 605.85. The total number of shares traded during the day was 99281 in over 4721 trades.

The stock hit an intraday high of Rs. 608.75 and intraday low of 598.6. The net turnover during the day was Rs. 59816853.

Source : Equity Bulls

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