Glenmark Pharma Exits Glenmark Life Sciences via OFS

New Delhi, Jul 10 (PTI) Glenmark Pharmaceuticals on Wednesday said its board has approved a proposal to offload the remaining 7.84 per cent stake in Glenmark Life Sciences via an offer for sale, in a deal valued at around Rs 778 crore.

The company's board, at its meeting held on July 10, approved the sale of up to 96,09,571 shares of Glenmark Life Sciences by way of an offer for sale (OFS) through the stock exchange mechanism, the Mumbai-based drug maker said in a regulatory filing.

The shares will be sold by Glenmark Pharmaceuticals and Chairman and Managing Director Glenn Mario Saldanha at a floor price of Rs 810 per share, it added.

The share sale will commence on July 11 and end on July 12, the company said.

In September 2023, Nirma announced a deal to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore.

In February this year, Nirma said it will kick off a Rs 1,343.05 crore open offer to acquire an additional 17.33 per cent stake from public shareholders of Glenmark Life Sciences.

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.

Shares of Glenmark Pharmaceuticals settled 1.44 per cent higher at Rs 1,379.40 apiece on the BSE.