Gland Pharma receives SEBI nod to launch IPO
According to investment banking sources, the IPO would be worth over Rs 5,000 crore.;
New Delhi: Gland Pharma has received capital markets regulator Sebi''s go-ahead to launch an initial public offer that includes fresh issue of shares worth up to Rs 1,250 crore.
Apart from the fresh issue, there is an offer for sale (OFS) of a little over 3.4 crore shares as part of the initial public offering.
The Hyderabad-based company, backed by China''s Fosun Pharma, develops, manufactures and markets complex injectables.
The company filed draft papers in July and obtained Sebi''s observation on October 19 to float an IPO, an update with the capital markets showed on Monday.
Sebi''s observation is necessary for any company to launch public issues like initial public offer (IPO), follow-on public offer (FPO) and rights issue.
Going by the draft papers, the IPO comprises fresh shares worth up to Rs 1,250 crore and OFS of up to 3,48,63,635 shares. The latter includes sale of up to 1,93,68,686 shares by Fosun Pharma Industrial Pte Ltd, 1,00,47,435 shares by Gland Celsus Bio Chemicals Pvt Ltd, 35,73,014 shares by Empower Discretionary Trust and 18,74,500 shares by Nilay Discretionary Trust.
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