In Thursday’s early morning trade, shares of Glenmark Pharmaceuticals slipped 1.60 per cent at Rs 1,357.30 per share on the BSE. Glenmark Lifesciences, too, slipped up by 3.8 percent at Rs 845 per share on the Bombay Stock Exchange. This dent on stock prices was witnessed after Glenmark Lifesciences announced that its board of directors approved the sale of a 7.84 percent stake in Glenmark Life Sciences Limited (GLS) on Wednesday. Furthermore, conducted through an offer for sale (OFS) on the stock exchange, the sale will involve up to 96,09,571 equity shares.
Glenmark Pharmaceuticals Ltd
Also to note, the specific date and price with respect to the offer for sale is likely to be announced in the future. Previously, Glenmark Pharmaceuticals held a 7.84 percent stake in Glenmark Lifesciences while Glen Mario Saldanha held a 0.1 percent stake as of March 2024. Furthermore, Indian conglomerate Nirma completed the acquisition of a 75 percent stake in Glenmark Life Sciences (GLS) in May this year.
As per the agreement, Nirma had acquired 91.9 million equity shares. This makes it the promoter of GLS. Furthermore, the acquisition also involved 75 percent of the current issued coupled with the paid-up equity share capital of GLS from Glenmark Pharmaceuticals. If we look at it from year to date, the share price of Glenmark Pharmaceuticals has zoomed 59 percent; rallying 103 percent in the last one year. And if we compare, Glenmark Lifesciences soared by 31.5 percent in the same period, witnessing a surge of 44.3 percent in the last 12 months.
