Glenmark Pharma to sell 7.84% stake in Glenmark Life via OFS

economictimes.indiatimes.com:

Glenmark Pharmaceuticals' board of directors approved the sale of a 7.84% stake or 96,09,571 equity shares, in Glenmark Life Sciences Limited, as stated in its filing to the exchanges on Wednesday.

The stake sale will be done through the stock exchanges via an offer for sale (OFS).

The decision was made at a meeting held today, and the company informed about the development after market hours.

Glenmark shares closed today at Rs 1,382, up Rs 22.95 or 1.69%. The stock also reached a new 52-week high of Rs 1,385. This marks a continuous rally over the past seven trading sessions, resulting in gains of approximately 10% during this period.

Glenmark Pharma shares have given multibagger returns of 108% over the past 12 months, outperforming Nifty by nearly four times. The broader index has returned 25% in the said period.
The stock is currently trading above its 50-day and 200-day simple moving averages (SMAs) of Rs 1,150 and 936, respectively according to Trendlyne data. The day's momentum indicators RSI and MFI are hovering in the strongly overbought zone of 77 and 79. A number above 70 is considered overbought while below 30 is seen as oversold.