Glenmark Life Sciences IPO Basis of Allotment

Our Company was incorporated as "Zorg Laboratories Private Limited', a private limited company under the Companies Act 1956 on June, 23, 2011 at Pune and was granted the certificate of incorporation by the Registrar of Companies, Maharashtra at Pune ('RoC'). Subsequently, our Company was acquired by Glenmark Pharmaceuticals Limited pursuant to the Share Purchase Agreement dated July 4, 2018 and the name of our Company was changed to "Glenmark Life Sciences Private Limited" pursuant to a special resolution passed by the shareholders of our Company on July 25, 2018 and a fresh certificate of incorporation dated August 10, 2018 was issued by the RoC. A shareholders' resolution was passed on August 13, 2018 to convert our Company from a private linked company to a pubic limited company and a fresh certificate of incorporation dated August 28, 2018 was issued by the RoC. For further details of change n name and registered office of our Company, see 'History and Certain Corporate Matters' on page 149 of the Prospectus dated July 30, 2021 ('Prospectus').

Our Company has filed the Prospectus dated July 30, 2021 with the Registrar of Companies, Maharashtra at Pune (the "Prospectus") and the Equity Shares are proposed to be listed on the BSE Limited ("BSE") and the National Stock Exchange of India Limited ("NSE") and trading will commence on or about August 6, 2021.

INITIAL PUBLIC OFFER OF 21,022,222 EQUITY SHARES OF FACE VALUE OF Rs. 2 EACH ("EQUITY SHARES") OF GLENMARK LIFE SCIENCES LIMITED ("COMPANY" OR "ISSUER") FOR CASH AT A PRICE OF Rs. 20 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs 18 PER EQUITY SHARE) AGGREGATING TO Rs 15,136 MILLION (THE "OFFER") COMPRISING A FRESH ISSUE OF 14,722,222 EQUITY SHARES AGGREGATING TO Rs 10,600 MILLION (THE "FRESH ISSUE") AND AN OFFER FOR SALE OF 6,300,000 EQUITY SHARES BY GLENMARK PHARMACEUTICALS LIMITED ("PROMOTER SELLING SHAREHOLDER" AND SUCH EQUITY SHARES, THE "OFFERED SHARES") AGGREGATING TO Rs 4,536 MILLION (THE "OFFER FOR SALE"). THE OFFER CONSTITUTES 17.16 % OF THE POST OFFER PAID UP EQUITY SHARE CAPITAL OF THE COMPANY.

*including five Equity Shares each, which are held by Glenn Saldanha, Cherylann Pinto, V.S. Mani, Rajesh Desai, Kapil Kriplani and Praveen Kurkal, as nominees on behalf of Glenmark Pharmaceuticals Limited, which is the beneficial owner of such Equity Shares.

This Offer was made through a Book Building Process and in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ('SCRR') read with Regulation 31 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations. 2018 ("SEBI ICDR Regulations") and in accordance with Regulation 6(1) of the SEBIICDR Regulations wherein not more than 50% of the Offer was available for allocation on a proportionate basis to Qualified Institutional Buyers "QIBs". and such portion, the ('QIB Portion'). Our Company and the Promoter Selling Shareholder, in consultation with the Lead Managers, allocated up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations ("Anchor Investor Portion"), out of which one-third was available for allocation to domestic Mutual Funds only, subject to valid Bids having been received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price. Further. 5% of the QIB Portion (excluding the Anchor Investor Portion) was made available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion v/as made available for allocation on a proportionate basis to all QIB Bidders including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. Further, not less than 15% of the Offer was made available for allocation on a proportionate basis to Non-Institutional Bidders and not less than 35% of the Offer was made available for allocation to Retail Individual Bidder(s) in accordance with SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. All potential Bidders, other than Anchor Investors, were required to mandatory utilise the Application Supported by Blocked Amount ('ASBA') process by providing details of their respective bank account (including UPI ID in case of Retail Individual Bidder(s) in which the corresponding Bid Amounts were blocked by the SCSBs or under the UPI mechanism, as applicable, to participate in the Offer. Anchor Investors were not permitted to participate in the Offer through the ASBA process. For details, see "Offer Procedure" on page 317 of the Prospectus.

The bidding for Anchor Investors opened and closed on July 26, 2021. The Company received 19 applications from 19 anchor investors for 6,917,140 Equity Shares. The Anchor Investor Allocation Price was finalized at 1720 per Equity Share A total of 6,306,660 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs 4,980,340.800

The Offer received 3,564.342 applications for 656.678.760 Equity Shares (prior to technical rejections) resulting in 31.24 times subscription. The details of the applications received in the Offer from various categories are as under: (before technical rejections):

Final Demand

A summary of the final demand as at different Bid prices is as under:

The Basis of Allotment was finalized in consultation with the Designated Stock Exchange, being the BSE on August 3, 2021.

A. Allotment to Retail Individual Bidders (after technical rejections) (including ASBA Applications)

The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Offer Price of Rs 720 per Equity Share, was finalized in consultation with the BSE. This category has been subscribed to the extent of 12,9764 times. The total number of Equity Shares Allotted in Retail Portion is 7,357,778 Equity Shares to 367,888 successful Retail Individual Bidders. The category-wise details of the Basis of Allotment are as under:

One additional Equity Share shall be allotted to 18 Allottee's from amongst 44,974 Successful Applicants from the categories 40-260 (i.e. excluding successful applicants from Category 20) in the ratio of 9:22487

B. Allotment to Non-Institutional Bidders (After Technical Rejections)

The Basis of Allotment to the Non-Institutional Bidders who have bid at the Offer Price of Rs 720 per Equity Share or above, was finalized in consultation with the BSE. The Non-Institutional Portion has been subscribed to the extent of 124.2876 times. The total number of Equity Shares Allotted in this category is 3,153,334 Equity Shares to 5,364 successful Non-Institutional Bidders. The category-wise details of the Basis of Allotment are as under: (Sample)

C. Allotment to QIBs

Allotment to OIBs, who have Bid at the Offer Price of Rs 720 per Equity Share or above, has been done on a proportionate basis in consultation with the BSE. This category has been subscribed to the extent of 37.1181 times of QIB Portion As per the SEBI ICDR Regulations. Mutual Funds were Allotted 5% of the Equity Shares of QIB Portion available i.e. 210,223 Equity Shares and other QIBs and unsatisfied demand of Mutual Funds were Allotted the remaining available Equity Shares i.e. 3,994,227 Equity Shares on a proportionate basis. The total number of Equity Shares Allotted in the QIB Portion is 4,204,450 Equity Shares, which were allotted to 101 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:

D. Allotment to Anchor Investors.

The Company and the Promoter Selling Shareholder in consultation with the Lead Managers, have allocated 6.306,660 Equity Shares to 19 Anchor Investors (through 19 Applications) at the Anchor Investor Offer Price of Rs 720 per Equity Share in accordance with the SEBIICDR Regulations. This represents 60% of the QIB Portion

The IPO Committee of our Company on August 3, 2021 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being BSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum- Intimations and/ or notices will be dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Offer Account have been issued on August 3, 2021 and payment to non-Syndicate brokers have been issued on August 4, 2021. In case the same is not received within ten days, investors may contact the Registrar to the Offer at the address given below. The Equity Shares Allotted to the successful Allottees have been uploaded on August 4, 2021 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company has filed the Listing application with BSE and NSE on August 4, 2021. The Company expects to receive listing and trading approval from BSE and NSE and the trading will commence on or about August 6, 2021

All capitalised terms used and not specifically defined herein shall have the same meaning as a scribed to them in the Prospectus.

INVESTORS PLEASE NOTE

The details of the allotment made will be hosted on the website of the Registrar to the Offer. KFin Technologies Private Limited at www.kfintech.com.

All future correspondence in this regard may kindly be addressed to the Registrar to the Offer quoting full name of the first/ sole Bidder Bid cum Application Form number. Bidder DP ID, Client ID, PAN, date of submission of Bid cum Application Form, address of the Bidder, number of Equity Shares applied for, the name and address of the Designated Intermediary where the Bid cum Application Form was submitted by the Bidder and a copy of the Acknowledgment Slip received from the Designated Intermediary at the address given below:

	KFin Technologies Private Limited
	(Formerly known as Karvy Fintech Private Limited)
	Selenium Tower-B, Plot No-31 and 32, Financial District, Nanakramguda,
	Senlingampally, Hyderabad, Rangareddi - 500032, Telangana, India.
	Tel:+91 40 6716 2222
	E-mail: glenmarkipo@kfintech.com
	Investor Grievance E-mail: einward.ris@kfintech.com
	Website: www.kfintech.com
	Contact Person: M Murali Krishna
	SEBI Registration No.: INR000000221

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON LISTING ORTHE BUSINESS PROSPECTS OF GLENMARK LIFE SCIENCES LIMITED

Glenmark Life Sciences Limited is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its Equity Shares and has filed the Prospectus with RoC on July 30, 2021. The Prospectus is available on the website of SEBI at vAvw.sebi.gov in, websites of the Stock Exchanges i.e BSE and NSE at www.bseindia.com and www.nseindia.com, respectively, and is available on the websites of the GCBRLMs, i.e. Kotak Mahindra Capital Company Limited, BofA Securities India Limited and Goldman Sachs (India) Securities Private Limited at https://investmentbank.kotak.com, www.ml-india.com   and www.goldmansachs.com, respectively and the websites of BRLMs. i.e. DAM Capital Advisors Limited (Formerly known as IDFC Securities Limited). BOB Capital Markets Limited and SBI Capital Markets Limited at www.damcapital.in, www.bobcaps.in and www.sbicaps.com, respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see the section entitled 'Risk Factors' on page 22 of the Prospectus.

The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act of 1933. as amended ('U.S. Securities Act'), or any other applicable law of the United States and. unless so registered, may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to. the registration requirements of the U.S. Securities Act and applicable state securities laws Accordingly, the Equity Shares are being offered and sold (i) within the United States only to persons reasonably believed to be qualified institutional buyers' (as defined in Rule 144A under the U.S. Securities Act) under Section 4(a) of the U.S. Securities Act and (ii) outside the United States in offshore transactions in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made There will be no public offering of Equity Shares in the United States.