Oct 1, 2009

Glenmark to raise Rs 575cr: Sources

Glenmark Generics filed a draft red herring prospectus (DRHP) yesterday, according to the sources. Glenmark Pharma would raise Rs 575 crore via Glenmark Generics initial public offer (IPO). The issue values Glenmark Generics at Rs 5,000 crore.

This is sourced based information and we get to hear that, the company will raise Rs 575 crore through the IPO in Glenmark Generics. This values Glenmark Generics at about USD 1 billion or Rs 5,000 crore, the equity dilution in Glenmark Pharma is expected to be between 10-15%.

Glenmark Generics had sales of about Rs 985 crore in financial year 2009 and 70% of that business came from the US geography and other 20% from API part of the business. In terms of how the structure is going to look like is that Glenmark Generics will be having its generic business which is having main presence in the US and the other business which is a specialty business of R&D and branded generics will remain with erstwhile Glenmark Pharma. So, this is how the whole structure is and Rs 575 crore is what they are planning to raise from Glenmark Generics IPO.

Source: Moneycontrol



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