Glenmark Pharma to merge generics subsidiary with itself

Glenmark Pharmaceuticals Ltd (GPL) has announced its plans to merge its subsidiaries, ie Glenmark Generics Ltd (GGL) and Glenmark Access Ltd (GAL) with itself. The company has informed the BSE that the Board of Directors of Glenmark Pharmaceuticals Ltd has approved the proposal for the same. Glenmark Generics Limited, one of the largest pharma companies in the world, manufactures and supplies US generics, API and European generics products
 
As on date 99.33% of the share capital of GGL is being held by GPL (including 1.19% being held by GAL, a wholly owned subsidiary of GPL). Per the amalgamation scheme, the remaining shareholders holding 0.67% (10,16,741 equity shares) of the share capital of GGL will be issued shares of GPL at a swap ratio which has been determined as 4 shares of GPL of Re 1 each for every 5 shares of Rs 10 each held by the shareholders of GGL.