Glenmark Life Sciences saw a 1% increase in afternoon trade due to reports of parent company Glenmark Pharmaceuticals planning to reduce its stake in the company. However, independent verification of this development is pending.
As of June 30, Glenmark Pharmaceuticals held an 82.84% stake in Glenmark Life Sciences. Glenmark Pharmaceuticals is working on meeting the SEBI requirement to reduce its stake to 75% by selling 7-8%.
SEBI mandates that promoters cannot hold more than 75% of a company’s stake, and Glenmark has until August 2024 to meet this requirement. Nirma and private equity firm ChrysCapital submitted bids for Glenmark Pharmaceuticals’ stake in August.
In the April-to-June quarter, Glenmark Life Sciences reported a 18% YoY growth in revenue at Rs 578.45 crore and a 24% increase in net profit at Rs 135.45 crore. The company’s EBITDA was Rs 195 crore, up by 24.8% YoY.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2024, IIFL Securities Ltd. All Rights Reserved
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
Invest wise with Expert advice
