New Delhi: Glenmark Life Sciences preliminary public provide (IPO) will open right this moment. Proceeds from the recent issue will probably be used in direction of cost of excellent buy consideration to the promoter for the spin-off of the API enterprise and funding the capital expenditure necessities, the corporate had mentioned.
Glenmark Life Sciences is a subsidiary of Glenmark Pharmaceuticals. The firm is a number one developer and producer of choose excessive worth, non-commoditised lively pharmaceutical components (APIs) in persistent therapeutic areas, together with heart problems, central nervous system illness, ache administration and diabetes.
The firm additionally manufactures and sells APIs for gastro-intestinal issues, anti-infectives and other therapeutic areas.
Here is all you wish to know about the Glenmark Life Sciences IPO
The firm had raised Rs 454 crore from anchor traders forward of its preliminary share sale.
The firm has determined to allocate 63,06,660 fairness shares to 19 anchor traders at Rs 720 a share, aggregating to Rs 454 crore.
HSBC Global Investment Funds, Government Pension Fund Global, Oaktree Emerging Markets Equity Fund LP, Copthall Mauritius Investment Ltd -ODI account, Societe Generale-ODI, Kuber India Fund and Reliance General Insurance Company are among the many anchor traders.
The preliminary public provide (IPO) could have recent issue of fairness shares value as much as Rs 1,060 crore and sale of as much as 63 lakh fairness shares by Glenmark Pharma.
The issue, with a worth band of Rs 695-720 a share, will open on July 27 and conclude on July 29.
At the higher finish of the worth band, the IPO will fetch Rs 1,513.6 crore.
Half of the overall issue has been reserved for certified institutional consumers, 35 per cent for retail traders, and remaining 15 per cent for non-institutional traders.
Goldman Sachs (India) Securities Private Limited, SBI Capital Markets, Kotak Mahindra Capital Company, BofA Securities India Ltd, DAM Capital Advisors Ltd and BoB Capital Markets are the lead managers to the issue.
The fairness shares of the corporate will probably be listed on BSE and NSE.
With PTI Inputs
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