Glenmark
Glenmark Glenmark
TABLE OF CONTENTS PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ............................................I INDUSTRY AND MARKET DATA ...........................................................................................................I FORWARD LOOKING STATEMENTS ................................................................................................. II ENFORCEMENT OF CIVIL LIABILITIES .........................................................................................VII DEFINITIONS AND ABBREVIATIONS................................................................................................III SUMMARY OF THE ISSUE ...................................................................................................................VII SUMMARY OF BUSINESS...................................................................................................................... IX SUMMARY FINANCIAL INFORMATION..........................................................................................XV RISK FACTORS .......................................................................................................................................... 1 MARKET PRICE INFORMATION ........................................................................................................ 24 USE OF PROCEEDS ................................................................................................................................. 27 CAPITALISATION ................................................................................................................................... 28 DIVIDEND POLICY ................................................................................................................................. 29 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION .................................................................................................................... 31 INDUSTRY OVERVIEW.......................................................................................................................... 49 BUSINESS................................................................................................................................................... 57 BOARD OF DIRECTORS AND SENIOR MANAGEMENT................................................................ 81 PRINCIPAL SHAREHOLDERS.............................................................................................................. 94 ISSUE PROCEDURE ................................................................................................................................ 97 PLACEMENT .......................................................................................................................................... 106 SELLING RESTRICTIONS ................................................................................................................... 108 TRANSFER RESTRICTIONS ............................................................................................................... 112 THE SECURITIES MARKET OF INDIA ............................................................................................ 113 DESCRIPTION OF SHARES................................................................................................................. 123 TAXATION .............................................................................................................................................. 131 LEGAL PROCEEDINGS........................................................................................................................ 138 GENERAL INFORMATION.................................................................................................................. 147 FINANCIAL STATEMENTS ................................................................................................................. 148 RECENT DEVELOPMENTS................................................................................................................. 239 DECLARATION ...................................................................................................................................... 243
NOTICE TO INVESTORS The Company accepts full responsibility for the information contained in this Preliminary Placement Document and to the best of its knowledge and belief, having made all reasonable enquiries, confirms that this Preliminary Placement Document contains all information with respect to the Company, its subsidiaries and the Equity Shares, which is material in the context of this Issue. The statements contained in this Preliminary Placement Document relating to the Company, its subsidiaries and the Equity Shares are, in all material respects, true and accurate and not misleading, the opinions and intentions expressed in this Preliminary Placement Document with regard to the Company, its subsidiaries and the Equity Shares are honestly held, have been reached after considering all relevant circumstances, are based on information presently available to the Company and are based on reasonable assumptions. There are no other facts in relation to the Company, its subsidiaries and the Equity Shares, the omission of which would, in the context of the Issue, make any statement in this Preliminary Placement Document misleading in any material respect. Further, all reasonable enquiries have been made by the Company to ascertain such facts and to verify the accuracy of all such information and statements. Accordingly, neither the Joint Global Coordinators and Book Running Lead Managers nor any of their respective members, employees, counsel, officers, directors, representatives, agents or affiliates makes any express or implied representation, warranty or undertaking, and no responsibility or liability is accepted, by the Joint Global Coordinators and Book Running Lead Managers, as to the accuracy or completeness of the information contained in this Preliminary Placement Document or any other information supplied in connection with the Equity Shares. Each person receiving this Preliminary Placement Document acknowledges that such person has neither relied on the Joint Global Coordinators and Book Running Lead Managers nor on any person affiliated with the Joint Global Coordinators and Book Running Lead Managers in connection with its investigation of the accuracy of such information or its investment decision, and each such person must rely on its own examination of the Company and its subsidiaries and the merits and risks involved in investing in the Equity Shares issued pursuant to the Issue. No person is authorised to give any information or to make any representation not contained in this Preliminary Placement Document and any information or representation not so contained must not be relied upon as having been authorised by or on behalf of the Company or the Joint Global Coordinators and Book Running Lead Managers. The delivery of this Preliminary Placement Document at any time does not imply that the information contained in it is correct as at any time subsequent to its date. The Equity Shares have not been approved, disapproved or recommended by any regulatory authority in any jurisdiction. No authority has passed on or endorsed the merits of this offering or the accuracy or adequacy of this Preliminary Placement Document. The distribution of this Preliminary Placement Document and the Issue may be restricted by law in certain jurisdictions. As such, this Preliminary Placement Document does not constitute, and may not be used for or in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to whom it is unlawful to make such offer or solicitation. The Equity Shares have not been approved, disapproved or recommended by the U.S. Securities and Exchange Commission, any state securities commission in the United States or the securities commission of any non- U.S. jurisdiction or any other U.S. or non-U.S. regulatory authority. None of these authorities has passed on or endorsed the merits of this Issue or the accuracy or adequacy of this Preliminary Placement Document. Any representation to the contrary is a criminal offence in the United States and may be a criminal offence in other jurisdictions. Accordingly, the Equity Shares may not be offered or sold, directly or indirectly, and neither this Preliminary Placement Document nor any other offering materials in connection with the Equity Shares may be distributed or published in or from any country or jurisdiction, except under circumstances that will result in compliance with any applicable rules and regulations of any such country or jurisdiction. In making an investment decision, investors must rely on their own examination of the Company, its subsidiaries and the terms of this Issue, including the merits and risks involved. Investors should not construe the contents of this Preliminary Placement Document as legal, tax, accounting or investment
- Page 1: Preliminary Placement Document Not
- Page 5 and 6: the Issue and are in no way acting
- Page 7 and 8: liable for your decision to partici
- Page 9 and 10: ENFORCEMENT OF CIVIL LIABILITIES Th
- Page 11 and 12: FORWARD LOOKING STATEMENTS All stat
- Page 13 and 14: Term Description Director(s) Direct
- Page 15 and 16: Term NBE NCE NDDS NPPA OTC PCB TRIP
- Page 17 and 18: Use of Proceeds Lock-up Risk Factor
- Page 19 and 20: jurisdictions including Thailand, E
- Page 21 and 22: with commercialisation of Eszopiclo
- Page 23 and 24: of the patent and Paragraph IV fili
- Page 25 and 26: As at March 31, 2007 As at March 31
- Page 27 and 28: If our research and development eff
- Page 29 and 30: consumer acceptance, we may be requ
- Page 31 and 32: Our performance is highly dependent
- Page 33 and 34: portfolio of products that are prom
- Page 35 and 36: esults. Historically, in addition t
- Page 37 and 38: equirements for the above raw mater
- Page 39 and 40: and approvals may result in their e
- Page 41 and 42: plants to our customers located glo
- Page 43 and 44: dividends is subject to the discret
- Page 45 and 46: It may not be possible for you to e
- Page 47 and 48: In addition, the Indian stock marke
- Page 49 and 50: MARKET PRICE INFORMATION The Compan
- Page 51 and 52: (in Rs. million) Period BSE NSE Mar
TABLE OF CONTENTS<br />
PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ............................................I<br />
INDUSTRY AND MARKET DATA ...........................................................................................................I<br />
FORWARD LOOKING STATEMENTS ................................................................................................. II<br />
ENFORCEMENT OF CIVIL LIABILITIES .........................................................................................VII<br />
DEFINITIONS AND ABBREVIATIONS................................................................................................III<br />
SUMMARY OF THE ISSUE ...................................................................................................................VII<br />
SUMMARY OF BUSINESS...................................................................................................................... IX<br />
SUMMARY FINANCIAL INFORMATION..........................................................................................XV<br />
RISK FACTORS .......................................................................................................................................... 1<br />
MARKET PRICE INFORMATION ........................................................................................................ 24<br />
USE OF PROCEEDS ................................................................................................................................. 27<br />
CAPITALISATION ................................................................................................................................... 28<br />
DIVIDEND POLICY ................................................................................................................................. 29<br />
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND<br />
RESULTS OF OPERATION .................................................................................................................... 31<br />
INDUSTRY OVERVIEW.......................................................................................................................... 49<br />
BUSINESS................................................................................................................................................... 57<br />
BOARD OF DIRECTORS AND SENIOR MANAGEMENT................................................................ 81<br />
PRINCIPAL SHAREHOLDERS.............................................................................................................. 94<br />
ISSUE PROCEDURE ................................................................................................................................ 97<br />
PLACEMENT .......................................................................................................................................... 106<br />
SELLING RESTRICTIONS ................................................................................................................... 108<br />
TRANSFER RESTRICTIONS ............................................................................................................... 112<br />
THE SECURITIES MARKET OF INDIA ............................................................................................ 113<br />
DESCRIPTION OF SHARES................................................................................................................. 123<br />
TAXATION .............................................................................................................................................. 131<br />
LEGAL PROCEEDINGS........................................................................................................................ 138<br />
GENERAL INFORMATION.................................................................................................................. 147<br />
FINANCIAL STATEMENTS ................................................................................................................. 148<br />
RECENT DEVELOPMENTS................................................................................................................. 239<br />
DECLARATION ...................................................................................................................................... 243
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