Nirma Ltd will kick off a Rs 1,343.05-crore open offer next week to acquire an additional 17.33 per cent stake from public shareholders of Glenmark Life Sciences Ltd, according to a regulatory filing. The development follows Nirma’s deal to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore agreed upon in September last year.
The open offer is being made to the public shareholders to acquire up to 2.13 crore equity shares representing 17.33 per cent of the voting share capital at an offer price of Rs 631.20 per share aggregating to a total consideration of up to Rs 1,343.05 crore, said the letter of offer by Nirma shared on BSE by Glenmark Life Sciences.
The offer shares include the entire public shareholding in the target company (over 2.1 crore shares) and 2.63 lakh vested ESOPs, it added. The opening date (commencement of the tendering period) for the open offer has been fixed on February 15, 2024, and will close on February 29, 2024, as per the letter of offer, the letter said. Last year in September, the Glenmark Pharmaceuticals board approved the divestment of a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore.
The parties had signed a definitive agreement, under which the Mumbai-based drug maker agreed to offload a 75 per cent stake in Glenmark Life Sciences (GLS) to Nirma Ltd for Rs 615 per share and retain just a 7.84 per cent stake in GLS.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.