Glenmark to transfer API biz for Rs 698cr

Glenmark Pharmaceuticals is planning to transfer its domestic active pharmaceutical ingredients (API) and generics formulations business as a going concern to Glenmark Generics, a subsidiary of the company, for not less than Rs 698 crore.

According to a release issued by Glenmark to the BSE today, the members of the company will consider the ordinary resolution by way of postal ballot to transfer the said assets.

Effective April 1, 2008, the board may take a call as deemed fit on the terms and conditions to be decided by the directors subject to the necessary provisions and approvals, the release added.