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.
In September this year, Glenmark Pharmaceuticals said its board has approved to divest 75 per cent stake in its subsidiary GLS to Nirma Ltd for Rs 5,651.5 crore.
Glenmark Pharma has hived off a 75 percent stake in Glenmark Life Sciences, which accounted for nearly 11 percent of its consolidated top line, and had a 20 percent EBITDA contribution, to clear debt
Saldhana added that the management of Glenmark Lifesciences will remain intact
With this acquisition, Nirma group founded by Dr Karsanbhai Patel has forayed into the API segment. Glenmark Pharma, the parent of Glenmark Life Sciences will use the deal proceeds towards repayment of debt
The board of Glenmark Pharmaceuticals is said to take a decision regarding the sale soon and the amount received will be used to repay the debt of Rs 2,904 crore
Nirma has indicated that it will make large acquisitions in the domestic or overseas market to the tune of Rs 5,000-7,000 crore as part of its diversification plan.
Latest in the Moneycontrol Graphic Spot: The Nirma story.
Tamil Nadu Petroproducts and Nirma Ltd had jointly filed the application for anti-dumping investigations into import of 'Linear Alkyl Benzene' from these countries.
"The Rs 4,000-crore five-year bond sale by Nirma offers a yield of 8.68 percent was oversubscribed 1.5 times. This is the largest rupee bond sale for a leveraged acquisition as also the largest AA-rated debt instrument," investment banking sources told PTI here.
Although the valuations of the deal look demanding, Anil Singhvi, Chairman of Ican Investment Advisors believes this is because it is sale of a fine-tuned business and not cement assets.
Earlier in the day, Swiss cement giant LafargeHolcim announced it has entered into an agreement to sell its assets in Lafarge India to Nirma for USD 1.4 billion, or about Rs 9,400 crore.
Nirma on Monday confirmed that it has bought LarfargeHolicm's India assets for an enterprise value of USD 1.4 billion (Rs 9300 crore plus) for 11 million tonne capacity.
French cement maker Lafarge has been looking to sell its 11 million tonne cement assets in India. It had shortlisted companies like Piramal GRoup, JSW Group and Cemex, learns CNBC-TV.
The drug company is in talks to sell its 175 hectares of land in Gujarat to Nirma for about Rs 650 crore, as it is reeling under a burden of Rs 800 crore debt, including current maturity of long term loans.
Nirma‘s 7-year battle is finally over. The company made an open offer but after discovering it was unviable asked to permission to withdraw it. SEBI said no, SAT said no and this month the Supreme Court said no as well on grounds that such a practice will destabilize the securities market.
Ravi Kiran reveals how you can identify a good business opportunity
The SME Mentor series concluded the 10-city journey at Surat in an event that saw the who‘s who of Surat SMEs, hosted at the Taj Gateway. The series commenced at Kolkata and travelled to New Delhi, Bangalore, Mumbai, Chennai, Pune, Ahmedabad, Hyderabad, Chandigarh and Surat.
Nirma has reported a sales turnover of Rs 884.73 crore and a net profit of Rs 51.32 crore for the quarter ended Jun '11
Yogesh Radke, Senior Manager (Institutional Equities - Quantitative Research Desk) at Edelweiss Capital, in an interview with CNBC-TV18’s Udayan and Mitali Mukherjee, gave his strategy on investing in various scenarios.
Nirma touched an intraday high of Rs 258.00 and an intraday low of Rs 255.05. At 13:20 hrs the share was quoting at Rs 255.10, down Rs 0.15, or 0.06%. Supreme Court (SC) orders environment study of company's Gujarat cement plant. SC seeks to know if company's Gujarat cement plant is on wetland, reports CNBC-TV18.
In response to a direction by the Ministry of Environment and Forest (MOEF) to halt work on its cement plant at Bhavnagar district in Gujarat, Nirma Ltd has said that the orders had no binding on the company and termed it as completely "illegal".
The markets closed on strong note, recovered almost what it lost in previous two sessions. The BSE Sensex gained 265 points or 1.46%, to close at 18,439.48 and Nifty was up 86 points or 1.58% at 5,531.50.
Environment Ministry directed immediate halt to work on three projects on a wetland in Gujarat being carried out by Nirma Ltd for allegedly violating green norms.
