Glenmark Life drops 4% on Glenmark Pharma's plans to exit via OFS

Glenmark Pharma will sell over 96 lakh shares of Glenmark Life Sciences through an Offer for Sale (OFS).

Shares of Glenmark Life Sciences slumped as much as nearly 4 percent on July 11, a day after Glenmark Pharma's board greenlit the company's plans to offload a 7.84 percent stake in the former through an offer for sale.

With this OFS, Glenmark Pharma will completely exit Glenmark Life Sciences. The floor price for the OFS is fixed at Rs 810 per share, representing a 7.5 percent discount to the previous closing price of Glenmark Life Sciences. Kotak Securities Limited will be the broker for the OFS.

At 09.37 am, shares of Glenmark Life Sciences were trading at Rs 863 on the NSE, while Glenmark Pharma's shares were also down 1.3 percent at Rs 1,362.

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In March this year, Indian conglomerate Nirma completed the acquisition of a 75 percent stake in Glenmark Life Sciences. Under the terms of the share purchase agreement, Nirma acquired 9.19 crore equity shares, establishing itself as the promoter of GLS.

GLS is a leading developer and manufacturer of select, high-value, non-commoditised active pharmaceutical ingredients. With a portfolio of 146 molecules, GLS caters to chronic therapeutic areas such as cardiovascular disease, central nervous system disease, pain management, and diabetes. Its acquisition has significantly strengthened Nirma's presence in the pharmaceuticals and life sciences sector.

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