Glenmark Life rises after Polar Capital buys minor stake

Glenmark Life Sciences gained 3.68% to Rs 764 after Polar Capital Funds acquired 8.36 lakh equity shares of the company via bulk deal on Monday, 9 August 2021.

Polar Capital Funds - Healthcare Opportunities Fund bought 8,36,000 equity shares (or 0.68% stake) of Glenmark Life Sciences at an average price of Rs 732.55 per equity share via bulk deals on the NSE yesterday, 9 August 2021.

Glenmark Life Sciences is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes. The company also manufactures and sells APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas.

Shares of the drug company entered the bourses on 6 August 2021. The stock listed at price of Rs 751.10 per share, representing 4.32% premium to the issue price of Rs 720 per share. The initial public offer of the company received bids for 66.33 crore shares as against 1.50 crore shares on offer, according to stock exchange data. The issue was subscribed 44.17 times. The issue opened for bidding on 27 July 2021 and closed on 29 July 2021. The price band of the IPO was fixed at Rs 695-720 per share.

Glenmark Life Sciences reported a net profit of Rs 351.58 crore and sales of Rs 1,885.17 crore in the twelve months ended 31 March 2021.

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