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| Glenmark Generics aims to raise Rs 570 cr through IPO |
| Press Trust of India / New Delhi Oct 04, 2009, 15:12 IST |
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Drug maker Glenmark Generics, a subsidiary of Glenmark Pharmaceuticals, expects to raise up to Rs 570 crore through its initial public offer (IPO) for funding loans and general corporate purposes.
The company, which filed the draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) on September 30, is mulling a pre-IPO placement worth Rs 100 crore.
"The company is considering a pre-IPO placement of an amount aggregating up to Rs 100 crore with various investors," drug maker said in its draft paper to Sebi.
Besides, "the company may consider participation by anchor investors," it said.
The company, engaged in generic pharmaceutical business, primarily sells its products in the US and the European Union as well as in other markets.
Glenmark Generic's public issue is being made through the 100 per cent book building process. Shares are proposed to be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
According to the draft paper, under the offer 60 per cent of the net issue has been reserved for qualified institutional buyers (QIBs). QIBs are public financial institutions, which includes scheduled commercial banks, mutual fund and FIIs.
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