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%).