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Glenmark Life, Pharma in focus: Shares fall up to 4% amid stake sale buzz

Shares of Glenmark Pharmaceuticals slipped 1.60 per cent at Rs 1357.30 per share on the Bombay Stock Exchange (BSE) in Thursday's early morning trade

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals

SI Reporter New Delhi

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Shares of Glenmark Pharmaceuticals slipped 1.60 per cent at Rs 1,357.30 per share on the Bombay Stock Exchange (BSE) in Thursday’s early morning trade. On the other hand Glenmark Lifesciences, too, slipped up to 3.8 per cent at Rs 845 per share on the BSE. 

The dent in the stock prices came after Glenmark Lifesciences on Wednesday announced that its board of directors approved the sale of a 7.84 per cent stake in Glenmark Life Sciences Limited (GLS). The sale will involve up to 96,09,571 equity shares and will be conducted through an offer for sale (OFS) on the stock exchange.

The specific price and date of the offer for sale will likely be announced in the future.

As of March 2024, Glenmark Pharmaceuticals held a 7.84 per cent stake in Glenmark Lifesciences and Glen Mario Saldanha held a 0.1 per cent stake. 

In May this year, Indian conglomerate Nirma completed the acquisition of a 75 per cent stake in Glenmark Life Sciences (GLS), a manufacturer of active pharmaceutical ingredients (APIs).

Under the terms of the share purchase agreement, Nirma had acquired 91.9 million equity shares, making it the promoter of GLS. The acquisition involved 75 per cent of the current issued and paid-up equity share capital of GLS from Glenmark Pharmaceuticals.

The share price of Glenmark Pharmaceuticals has zoomed 59 per cent year to date, while rallying 103 per cent in the last one year. Comparatively, Glenmark Lifesciences soared by 31.5 per cent year to date, while surging by 44.3 per cent in the last 12 months. 

At 09:40 AM; the stock of Glenmark Pharmaceuticals was trading 1.35 per cent lower at Rs 1,360.80 per share on the BSE. While Glenmark Lifesciences fell 1.59 per cent at Rs 864.95 per share on the BSE.  In comparison, the BSE Sensex was trading flat, up 0.01 per cent to 79,930 levels.

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First Published: Jul 11 2024 | 9:49 AM IST

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