Glenmark Pharma Shares fell 6% on Stake Sale to Nirma

Glenmark Pharma shares  fell 6% on September 22 after the company agreed to sell a 75% stake in subsidiary Glenmark Life Sciences to Nirma.

The company has entered into a definitive agreement with Nirma to sell 75% stake in Glenmark Life Sciences for Rs 615 per share for a total consideration of Rs 5,651.5 million.

Prior to this sale of shares, we owned 82.9% of Glenmark Life Sciences, and we currently hold 7.84% of Glenmark Life Sciences.

Nirma will be required to make a compulsory public offer to public shareholders of Glenmark Life Sciences to acquire an additional 17.15% stake in the company at an average price of Rs 631 per share.

CNBC TV18 reported in June 2023 that Sekhmet Pharma Ventures, backed by Nirma and PAG, has been shortlisted as the final bidder for a majority stake in Glenmark Life Sciences. As of 10:40 am, shares of Glenmark Pharmaceuticals were trading at Rs 783.30 on the NSE, 5.36% lower than its previous closing price.

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