Glenmark Pharmaceuticals to Sell Remaining Stake in Glenmark Life Sciences

Glenmark Pharmaceuticals announced the sale of its remaining 7.84% stake in Glenmark Life Sciences through an offer for sale, valued around Rs 778 crore. The shares, priced at Rs 810 each, will be available from July 11 to July 12. This follows a recent acquisition deal with Nirma Ltd.

Glenmark Pharmaceuticals revealed on Wednesday that its board has approved the sale of its remaining 7.84% stake in Glenmark Life Sciences. The proposal, valued at approximately Rs 778 crore, will proceed via an offer for sale.

During its meeting on July 10, the board sanctioned the sale of up to 96,09,571 shares of Glenmark Life Sciences. These shares will be sold at a floor price of Rs 810 per share, according to the Mumbai-based drug maker's regulatory filing.

The sale is set to commence on July 11 and will conclude on July 12.

Notably, in September 2023, Nirma announced its plan to acquire a 75% stake in Glenmark Life Sciences for Rs 5,651.5 crore. Earlier, in February, Nirma initiated a Rs 1,343.05 crore open offer to public shareholders to acquire an additional 17.33% stake in the company.

(With inputs from agencies.)