Glenmark Pharma arm files papers for IPO with SEBI

Glenmark Pharmaceuticals on Saturday said its wholly-owned arm Glenmark Life Sciences has filed preliminary papers for an initial public offer with market regulator Sebi.

Glenmark Life Sciences has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) for an initial public offer, according to a regulatory filing.

The offer comprises fresh issue 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.

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