Glenmark Life Science's initial public offering (IPO) will open for bidding on July 27 and will close on July 29. Glenmark Pharmaceuticals will now sell 63 lakh shares in its API (active pharmaceutical ingredient) subsidiary Glenmark Life as compared to its earlier proposal of 73 lakh shares offer for sale (OFS). Therefore, the fresh issue for Glenmark Life is reduced to ₹1,060 crore from ₹1,160 crore planned earlier, as per the details laid out by the company. Glenmark Pharma on Tuesday in an exchange filing said that Glenmark Life Sciences has filed its RHP (red herring prospectus) with the Registrar of Companies, Pune. For the year ended March 31, Glenmark Life had revenues of ₹1,537 crore and net profit of ₹314 crore.

Source: Mint July 20, 2021 07:53 UTC