Glenmark Life Sciences Ltd. has announced an Initial Public Offering (IPO) that will open on July 27.
The price band has been fixed at ₹695 to ₹720 per equity share. Bids can be made for a minimum of 20 shares and in multiples of 20 shares thereafter.
The offer consists of equity shares of face value of ₹2 each of Glenmark Life Sciences comprising fresh issue aggregating to ₹1,060 crore and an offer for sale of up to 63,00,000 equity shares by Glenmark Pharmaceuticals Ltd., the promoter selling shareholder of the company.
The company proposes to utilise the net proceeds from the fresh issue towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business into the company in 2018; funding capital expenditure requirements and for general corporate purposes, it said.