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Gland Pharma, which announced its about Rs 6,500 crore Initial Public Offer (IPO), has set a price band of Rs 1,490-1,500 per share (face value of Rs one) and the issue will be open on November 9, a senior official of the city-based drug maker said on Wednesday.

Srinivas Sadhu, MD and CEO of Gland Pharma, said the company plans to raise up toRs 1,250 crore through issuance of fresh equity and allow its China-based promoter Fosun Pharma Industrial Pte Ltd and Gland Celsus Chemicals Pvt Ltd another shareholder to sell a part of their stake.

"The price band has been decided at Rs 1,490 to Rs 1,500.

At the top end of the price band the issue is Rs 6480 crore.

The primary issue size is Rs 1,250 crore.

The total secondary offer is about 22.5 per cent of the pre-issue capital with Fosun Group offering 12.5 per cent of the total pre-issue capital and the rest is coming from the other selling shareholders of 10 per cent," Sadhu told reporters in a press conference.

The total dilution is therefore 26.48 per cent at the top end of the price band, he added.

The anchor issue for institutional investors opens on November 6, while the issue will come on November 9 and the issue closes on November 11.

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