Glenmark Pharma share price added more than 2% on NSE as the drug maker readies plan to list its subsidiary – Glenmark Life Sciences. The step is expected to lead huge value unlocking, a big positive for shareholders.
Glenmark Pharma filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for an initial public offer, comprising of a fresh issue of up to Rs 116 cr and an offer for sale of up to 7,305,245 equity shares of Rs 2 each of Glenmark Life Sciences Limited.
The board of directors of Glenmark Pharma during its meeting on April 16 approved initial offer of its subsidiary.
The IPO will be subject to market conditions, receipt of applicable approvals and other considerations.
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