Glenmark Pharma unit plans 5.75-bln-rupee IPO
MUMBAI, Oct 5 (Reuters) - Glenmark Generics Ltd, a unit of drug maker Glenmark Pharmaceuticals Ltd (GLEN.BO: Quote, Profile, Research), plans to raise 5.75 billion rupees through an intial public offer (IPO) of shares, according to a preliminary filing with the regulator.
The company plans to raise upto 1 billion rupees through a pre-IPO sale of shares, Glenmark added in its draft red herring prospectus filed with the Securities and Exchange Board of India last week.
Enam Securities and Kotak Mahindra Capital Co will manage the issue, the proceeds from which will be used to part pay loans and for general corporate purposes, it added. (Reporting by Bharghavi Nagaraju; Editing by Sunil Nair)
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