Glenmark Pharma to divest 75% stake in subsidiary Life Sciences unit to Nirma for ₹5,651 crore
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.
The company's board at its meeting held on September 21, 2023, considered and approved the sale of 91,895,379 shares representing 75 per cent share capital of Glenmark Life Sciences Ltd to Nirma Ltd at a price of ₹615 per share, aggregating to ₹5,651.5 crore, Glenmark Pharma said in a regulatory filing to the stock exchanges on Thursday. As part of the transaction, the company, Glenmark Life Sciences and Nirma have agreed to certain non-compete and non-solicit arrangements for a specified period, according to the statement.
Nirma had submitted its binding bid for Glenmark Pharmaceuticals stake in August. Private Equity firm ChyrsCapital was also in a race to take over Glenmark Pharmaceuticals stake, according to reports.
Glenmark Life Sciences develops, manufactures and supplies non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas and end-to-end support. MORE TO COMEGet the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
. Read more on livemint.com
