Glenmark Pharma board has approved the sale of a 7.84 per cent stake, which is equivalent to 96,09,571 equity shares, in Glenmark Life Sciences, the company said in an exchange filing on June 10. The stake will be sold through the stock exchanges using an offer for sale (OFS).
On Wednesday, July 10, Glenmark Pharmaceuticals stated that the sale of a 7.84 percent ownership in Glenmark Life Sciences Limited (GLS), the company’s subsidiary, had been approved by the board of directors. Up to 96,09,571 equity shares may be sold in this transaction, which will take place via an offer for sale (OFS) on the stock exchange.
It is anticipated that the offer for sale’s precise price and date will be disclosed later.
The Indian conglomerate Nirma completed the purchase of a 75% interest in Glenmark Life Sciences (GLS), a producer of active pharmaceutical ingredients (APIs), in May of this year.
Nirma’s position in the pharmaceutical and life sciences industries is strengthened by the acquisition. Nirma became the promoter of GLS after acquiring 91.9 million equity shares in accordance with the provisions of the share purchase agreement. 75% of GLS’s current issued and paid-up equity share capital was acquired from Glenmark Pharmaceuticals.
GLS is a top producer and creator of unique, valuable, and non-commoditized active medicinal components. The 146 compounds in the company’s portfolio address chronic treatment areas such as diabetes, pain management, central nervous system disorders, and cardiovascular disease.
GLS partners with 16 of the top 20 generic companies in the world and serves customers in multiple regions, including North America, Europe, Japan, Latin America, India and rest of the world.
With 142 APIs in GLS’s portfolio, the company claimed to be blending innovation and operational excellence to deliver on the promise of service, reliability, and consistent product quality and supply high-quality APIs to more than 700 pharma companies in multiple countries.
Source: Mint