Glenmark Life Sciences, Utkarsh SFB get Sebi nod to float IPOs
Premium- Glenmark Life Sciences' IPO consists of a fresh issue of shares worth ₹1,160 crore and an offer for sale of up to 7.31 million shares by parent Glenmark Pharmaceuticals
Mumbai: Glenmark Life Sciences Ltd and Utkarsh Small Finance Bank have got approval from the Securities and Exchange Board of India to raise funds via initial public offering.
Glenmark Life Sciences' IPO consists of a fresh issue of shares worth ₹1,160 crore and an offer for sale of up to 7.31 million shares by parent Glenmark Pharmaceuticals Ltd.
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Utkarsh Small Finance plans to raise nearly ₹1,350 crore through its public offering. Its IPO comprises a fresh issue of ₹750 crore and an offer for sale by Utkarsh Coreinvest of up to ₹600 crore.
Both the firms had filed draft red herring prospectus with the regulator in March and April, respectively.
Glenmark Life Science will use proceeds from the fresh issue worth ₹900 crore for the payment of outstanding purchase consideration to the promoter for the spin-off of the active pharmaceutical ingredients (API) business. ₹152.76 crore will be used for funding capital expenditure requirements.
Meanwhile, Utkarsh will use proceeds from the issue towards the augmentation of Tier-I capital base to meet its future capital requirements. As of September 2020, its CRAR was 24.87% (Tier I capital of 19%).
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