Glenmark Life Sciences Ltd, a wholly-owned subsidiary of Glenmark Pharmaceuticals Ltd, has filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for raising Rs 1,160 crore through share sale via initial public offering (IPO).The IPO comprises a fresh issue of up to Rs 1,160 crore and an offer for sale of up to 73.05 lakh equity shares of Rs 2 each of Glenmark Life Sciences by Glenmark Pharmaceuticals.The board of directors has accorded its approval for the offer for sale, the company said in a statement.
The IPO will be subject to market conditions receipt of applicable approvals and other considerations.Kotak Institutional Banking, BofA Securities, Goldman Sachs, DAM Capital Advisors, BOB Capital Markets and SBI Capital Markets are the book running lead managers to the issue and KFin Technologies is registrar to the offer.Glenmark Pharma shares ended 1.23 per cent higher at Rs 578.95, outperforming the Sensex which fell 1.81 per cent.