Glenmark Pharmaceuticals to sell 7.84% stake in Glenmark Life Sciences

Glenmark Pharmaceuticals announced today that its board of directors approved the sale of a 7.84 per cent stake in its subsidiary, Glenmark Life Sciences Limited (GLS). The sale will involve up to 96,09,571 equity shares and will be conducted through an offer for sale (OFS) on the stock exchange.

The specific price and date of the offer for sale will likely be announced in the future.

In May this year, Indian conglomerate Nirma completed the acquisition of a 75 per cent stake in Glenmark Life Sciences (GLS), a manufacturer of active pharmaceutical ingredients (APIs).

The acquisition strengthened Nirma's presence in the pharmaceuticals and life sciences sector. Under the terms of the share purchase agreement, Nirma acquired 91.9 million equity shares, making it the promoter of GLS. The acquisition involved 75 per cent of the current issued and paid-up equity share capital of GLS from Glenmark Pharmaceuticals.

 

Glenmark Pharmaceuticals’ share price rose by 1.44 per cent, ending the day's trade at Rs 1,379.40 apiece on the BSE.

Notably, shares of Glenmark Life Sciences, a listed company, closed at Rs 878.95, down 1.13 per cent on Wednesday on the BSE. At these levels, the deal is estimated to be worth about Rs 845 crore.