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 from the Promoter into the company on October 9, 2018; funding the capital expenditure requirements; and general corporate purposes.
IPO (PC-Shutterstock)
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); 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The initial public offer of active pharmaceutical ingredient manufacturer Glenmark Life Sciences (GLS), will open on July 27. The company has set a price band at Rs 695 – Rs 720 per equity share.
The offer will close on July 29.
The offer consists of equity shares of face value of Rs 2 each of GLS comprising a fresh issue of Rs 1,060 crore and an offer for sale of up to 63 lakh equity shares by existing promoters of Glenmark Pharmaceuticals. At the higher price band, GLS is expected to raise Rs 1,513 crore.
Bids can be made for a minimum of 20 equity shares and in multiples of 20 thereafter.
GLS is a leading developer and manufacturer of select high value, non-commoditised active pharmaceutical ingredients in chronic therapeutic areas.
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 from the Promoter into the company on October 9, 2018; funding the capital expenditure requirements; and general corporate purposes.
Up to 50 percent of the offer is reserved for qualified institutional buyers (QIB) and 15 percent for non-institutional investors. The remaining 35 percent stake is allocated to retail investors.
Kotak Mahindra Capital, BofA Securities and Goldman Sachs (India) Securities are the Global co-ordinators and book running lead managers to the offer.
DAM Capital Advisors Limited (Formerly known as IDFC Securities Limited), BOB Capital Markets and SBI Capital Markets are the book running lead managers to the offer.
