Glenmark Pharmaceuticals divests stake in Glenmark Life after Nirma Acquisition

11 Jul 2024 , 01:16 PM

Glenmark Pharmaceuticals Ltd. has decided to divest its 7.84% stake in Glenmark Life Sciences Limited (GLS) through an offer for sale (OFS). The decision was approved by the Board of Directors in a meeting held on July 10, 2024.

The sale includes up to 96,09,571 equity shares of GLS, representing Glenmark Pharmaceuticals’ stake in the company, including shares held by certain individuals where beneficial ownership lies with Glenmark.

The sale will be conducted through the stock exchange mechanism, adhering to applicable legal requirements.

Nirma conglomerate completed the acquisition of a 75% stake in Glenmark Life Sciences in May. This acquisition involved purchasing 91.9 million equity shares, making Nirma the majority shareholder and promoter of GLS. The acquisition bolstered Nirma’s position in the pharmaceuticals and life sciences sectors.

As of July 11, 2024, at 12:51 pm, shares of Glenmark Pharmaceuticals Ltd. were trading at ₹1375, marking a 0.35% decline from the previous close. Over the past year, Glenmark Pharmaceuticals Ltd. stock has gained 105%, and since the beginning of the year, it has appreciated by 60%.

Glenmark Pharmaceuticals Limited, based in Mumbai, India, is an Indian multinational pharmaceutical company. Established in 1977 by Gracias Saldanha, it initially focused on manufacturing generic drugs and active pharmaceutical ingredients (APIs).