Nirma Group

On Monday, Nuvoco announced it had emerged as the successful applicant for Vadraj Cement in the corporate insolvency resolution process but did not disclose the deal value

Acquisition to increase the fifth-largest cement maker's capacity by 20 per cent

Nirma Ltd will kick off a Rs 1,343.05-crore open offer next week to acquire an additional 17.33 per cent stake from public shareholders of Glenmark Life Sciences Ltd, according to a regulatory filing. The development follows Nirma's deal to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore agreed in September last year. The open offer is being made to the public shareholders to acquire up to 2.13 crore equity shares representing 17.33 per cent of the voting share capital at an offer price of Rs 631.20 per share aggregating to a total consideration of up to Rs 1,343.05 crore, said the letter of offer by Nirma shared on BSE by Glenmark Life Sciences. The offer shares include the entire public shareholding in the target company (over 2.1 crore shares) and 2.63 lakh vested ESOPs, it added. The opening date (commencement of the tendering period) for the open offer has been fixed on February 15, 2024 and will close on February 29, 2024, as per the letter of offer,

The company has proposed to acquire Glenmark Life Sciences Ltd (GLSL) to diversify its business. The acquisition is likely to be funded largely through debt

The unlisted company posted revenues to the tune of Rs 11,403 crore in fiscal 2023

Glenmark owns 82.8 per cent stake in the company which closed at a total market valuation of Rs 6,361 crore on Tuesday with its shares closing at Rs 519 a share on Tuesday

The stock was trading above its issue price of Rs 570 for the first time since listing

The two debt papers were to mature in September 2020 and September 2021, respectively

In the past 1-2 years, Emami has seen muted volume off-take, thanks to higher dependence on wholesale distribution and competitive pressures

Says deal is in line with strategy to pursue organic and inorganic expansion in diversified verticals