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Corporate News
21-Sep-23
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Glenmark Pharma divests 75% stake in Glenmark Life Sciences to Nirma
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For consideration of Rs 5651.5 cr
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Glenmark Pharmaceuticals has entered into a definitive agreement
with Nirma to divest 75% stake in its subsidiary, Glenmark Life Sciences (GLS), at a price of Rs 615/- per share for an aggregate consideration of Rs 5651.5 crore, subject to closing adjustments.
Glenmark Pharma will own 7.84% in GLS after the divestment. The transaction is subject to customary conditions precedent, including receipt of regulatory and shareholder approvals.
Pursuant to the transaction, Nirma will make a mandatory open offer to all public shareholders of GLS.
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