Glenmark Life Sciences IPO Update: SEBI Approves Glenmark Life Sciences IPO Application
SEBI has approved the initial public offerings (IPO) of Glenmark Life Sciences. According to the draft papers, proceeds from the fresh issue worth Rs 900 crore will be used towards payment of outstanding purchase consideration to the promoter for the spin-off of the API business and around Rs 153 crore for funding the capital expenditure requirements.
Glenmark Life Sciences, a subsidiary of Glenmark Pharmaceuticals, is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.
