Glenmark Pharma share price falls over 5% as Nirma agrees to buy 75% stake in subsidiary Glenmark Life Sciences
₹815.95 against the previous close of ₹828.05 and fell 5.45 per cent to the level of ₹782.90 on BSE. As Mint reported, Glenmark Pharmaceuticals announced on Thursday (September 21) that it would sell a 75 per cent stake in its subsidiary unit Glenmark Life Sciences, to Nirma for ₹615 per share for an aggregate consideration of ₹5.651.75 crore. The Mumbai-based drugmaker will continue to own a 7.84 per cent stake in Glenmark Life Sciences with the stake reduction.
Read more: Glenmark Pharma to divest 75% stake in subsidiary Life Sciences unit to Nirma for ₹5,651 crore Meanwhile, Nirma Ltd has agreed to buy 75 per cent of Glenmark Life Sciences for ₹5,651.5 crore in a deal that values the latter at ₹7,535.4 crore. Nirma will make a mandatory open offer to all public shareholders of Glenmark Life Sciences for an additional 17.15 per cent stake at ₹631 a share. The life sciences company listed on the bourses in August 2021 at ₹720 a share.
The sale will be subject to various conditions, including receipt of regulatory and shareholder approvals. Read more: Nirma to buy Glenmark Life Sciences for ₹5,651 crore Shares of both Glenmark Pharmaceuticals as well as Glenmark Life Sciences traded in the negative in the morning trade while the Sensex was flat. Glenmark Life Sciences share price declined over 2 per cent in early trade on BSE on Friday.
However, both stocks have seen stellar gains in the last one year. Glenmark Pharma share price has surged over 103 per cent in the last one year while Glenmark Life Sciences share price has jumped over 50 per cent. Equity benchmark Sensex has gained about 12 per cent in the same period.
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