Glenmark Pharmaceuticals share price fell 5 percent on September 22, after the pharma company agreed to divest 75 percent of its stake in subsidiary Glenmark Life Sciences to Nirma. Glenmark Pharma stock was trading at Rs 827.70 on the NSE a close on September 21.
According to a regulatory filing, Glenmark Pharmaceuticals has entered into a definitive agreement with Nirma to divest 75 percent stake in Glenmark Life Sciences for Rs 5,651.5 crore, at a price of Rs 615 per share. After the sale, Glenmark Pharma will own 7.84 percent in Glenmark Life Sciences, down from the current 82.9 percent.
Nirma will have to make a mandatory open offer to public shareholders of Glenmark Lifesciences for an additional 17.15 percent stake at Rs 631 a share.
At 10:25 hours, the share of the company were trading at 778.85 apiece, down by 49.20 apiece or 5.94 per cent.