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

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

Glenmark Pharma said on July 10 that its board approved selling 7.84 percent stake in Glenmark Life Sciences through an offer for sale.

"We wish to inform you that the Board of Directors, at its meeting held today on July 10, 2024, approved the sale of up to 96,09,571 equity shares of Glenmark Life Sciences Limited representing 7.84 percent of the issued and paid‐up equity share capital of GLS, held by the Company, by way of an offer for sale through the stock exchange mechanism," said Glenmark Pharma in a stock exchange filing.

On July 10, Glenmark Life Sciences' shares on NSE closed trading 1.2 percent lower at Rs 878 apiece while Glenmark Pharma's shares closed 1.7 percent higher at Rs 1,382 apiece.

Floor price for the OFS is Rs 810 per share, which represents 7.5 percent discount to CMP.

Kotak Securities Limited will be the broker for the OFS.

GLS is a leading developer and manufacturer of select, high-value, non-commoditised active pharmaceutical ingredients. The company's portfolio of 146 molecules caters to chronic therapeutic areas, including cardiovascular disease, central nervous system disease, pain management, and diabetes.

In March, Indian conglomerate Nirma said it had completed the acquisition of a 75 percent stake in Glenmark Life Sciences.

Under the terms of the share purchase agreement, Nirma acquired 91.9 million equity shares, making it the promoter of GLS.