Glenmark Pharmaceuticals Board Approves Sale Of 75% Stake To Nirma In Share Purchase Agreement

Glenmark Pharmaceuticals on Thursday announced that the board of directors of the Company at its meeting held on September 21, 2023, inter-alia, considered and, approved the the share purchase agreement dated September 21, 2023 among the Company, Glenmark Pharmaceuticals Limited (GPL) and Nirma Limited (the Buyer) for the sale of 91,895,379 equity shares representing 75.00% of the current issued and paid-up equity share capital of the Company, by GPL to the Buyer, subject to the receipt of applicable approvals, customary conditions precedent, and other ancillary agreements (the Transaction), the company announced through an exchange filing.

Purpose of entering into the agreement

Sale of 91,895,379 equity shares representing 75.00 percent of the current issued and paid-up equity share capital of the Company by GPL to the Buyer, pursuant to which the Buyer will become the new promoter of the Company.

Shareholding

GPL currently owns 101,504,950 equity shares representing 82.84 percent of the current issued and paid-up equity share capital of the Company.

Glenmark Pharmaceuticals shares

The shares of Glenmark Pharmaceuticals on Thursday at 3:30pm IST were at Rs 831.95, down by 2.88 percent.