Glenmark Generics Ltd (GGL), a subsidiary of Mumbai-based Glenmark Pharmaceuticals Ltd (GPL), is hitting the market with its initial public offering to raise Rs 575 crore.
It will utilise the funds to pay back loans and for general corporate purposes, said the company in its filing to Securities and Exchange Board of India (Sebi).
Of the proposed Rs 575-crore mopup, the company will raise around Rs 100 crore through a pre-IPO sale of shares. The company has filed draft red herring prospectus (DRHP) with the Sebi recently. Glenmark Generics has appointed Enam Securities and Kotak Mahindra Capital Co to manage the issue.
In September this year, the parent company Glenmark Pharmaceuticals Ltd raised Rs 413 crore through the qualified institutional placement (QIP) route.
The share price of Glenmark was trading at Rs 234.8 at 1:34 pm today, below 0.49% from its previous close on Friday last week, against the Sensex which was down by around 1.08%.
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