Glenmark Pharma To Divest 7.84% Stake In Glenmark Life Sciences Through Offer For Sale

Glenmark Pharma To Divest 7.84% Stake In Glenmark Life Sciences Through Offer For Sale

As per the regulatory filing, the company added that the board approved the sale of up to 96.09 lakh shares (96,09,571 equity shares).

Oliviya KunjumonUpdated: Wednesday, July 10, 2024, 06:59 PM IST
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Glenmark Pharma To Divest 7.84% Stake In Glenmark Life Sciences Through Offer For Sale | Representative Image

In an exchange filing, Glenmark Pharmaceuticals Limited, a leading developer and manufacturer of high-value active pharmaceutical ingredients (APIs) and intermediaries on Wednesday (July 10) announced that the Board of Directors of the company has approved the decision to divest its entire 7.84 per cent stake in Glenmark Life Sciences Ltd during a meeting held today.

As per the regulatory filing, the company added that the board approved the sale of up to 96.09 lakh shares (96,09,571 equity shares).

Moreover, in addition to the company's shares, the chairman and Managing director of the company will also be selling 7,800 shares through the offer.

"We wish to inform you that the Board of Directors, at its meeting held today on July 10, 2024, approved the sale of up to 96,09,571 equity shares of Glenmark Life Sciences Limited (GLS) representing 7.84% of the issued and paid‐up equity share capital of GLS, held by the Company (including equity shares held by certain individuals where the beneficial ownership is with the Company), by way of an offer for sale through the stock exchange mechanism, in accordance with the applicable law," said the company in the BSE exchange filing.

 Glenmark Pharmaceuticals Limited is one of the leading developer and manufacturer of high-value active pharmaceutical ingredients (APIs) and intermediaries

Glenmark Pharmaceuticals Limited is one of the leading developer and manufacturer of high-value active pharmaceutical ingredients (APIs) and intermediaries | Image credit: Wikipedia (Representative)

Offer for Sale Schedule

The offer for sale (OFS) will be open for bidding on July 11 for institutional investors and on July 12 for retail investors.

For the Non-retail investors who do not receive an allocation on the first day will be having the option to carry forward their bids for allocation on July 12.

The floor price for the OFS has been set at Rs 810 per share, which is an 8 per cent discount to the closing price on the day before the announcement.

Shares performance

The shares of the company on Wednesday at 3:30 pm IST closed the day at Rs 1,382.00, up by 1.69 per cent.

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