Published on Wed, Nov 07, 2007 at 14:22 | Source : Moneycontrol.com
Updated at Wed, Nov 07, 2007 at 15:31
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Glenmark Generics plans to dilute 30% via IPO
Glenmark Generics is likely to come out with an initial public offer of equity shares in April-June, Chairman Glenn Saldanha said today. The company will not dilute more than 30% stake via the IPO, Saldanha said.
Glenmark Generics is likely to come out with an initial public offer of equity shares in April-June, Chairman Glenn Saldanha said today. The company will not dilute more than 30% stake via the IPO, Saldanha said, Newswire 18 reports.
Earlier today, Glenmark Pharmaceuticals informed the Bombay Stock Exchange that its board of directors has given in-principle approval to hive off the company's generics business into a wholly-owned subsidiary called Glenmark Generics.
In 2006-07, Glenmark Pharmaceuticals' generics business accounted for USD 90 million (Rs 3.5 billion) of its revenue, while the speciality branded business contributed USD 197 million (Rs 7.7 billion).
In 2007-08, the generics business is seen increasing to USD 180 million (Rs 7.1 billion) while the speciality business, including milestone payment on molecules, is seen around USD 306 million (Rs 12.1 billion), Saldanha said.
Earlier today, Glenmark Pharmaceuticals informed the Bombay Stock Exchange that its board of directors has given in-principle approval to hive off the company's generics business into a wholly-owned subsidiary called Glenmark Generics.
