Glenmark Pharmaceuticals Ltd. will divest its entire 7.84% stake in Glenmark Life Sciences Ltd. through an offer for sale in the secondary market. The board approved the sale of up to 96.09 lakh shares at its meeting on Wednesday, an exchange filing said. Chairman and Managing Director Glenn Mario Saldanha will also offload 7,800 shares in the offer.
The OFS will be open for bidding on July 11 for institutional investors and on July 12 for retail investors. Non-retail investors will be given an option to carry forward their unallotted bids to July 12 for allocation to them, in the unsubscribed portion of retail category.
The floor price for the Glenmark Life Sciences OFS has been set at Rs 810 apiece, indicating an 8% discount to Wednesday's closing price.
Glenmark Life Sciences is engaged in the business of the development, manufacturing and sale of active pharmaceutical ingredients and intermediaries, as well as contract development and manufacture organisation services for APIs.
Earlier this year, unlisted consumer goods and cement-maker Nirma Ltd. completed the acquisition of a 75% stake in the company.
Shares of Glenmark Lifesciences closed 0.93% lower at Rs 880.7 apiece, ahead of the announcement, while Glenmark Pharma stock ended 1.44% higher at Rs 1,379.4 apiece. This compares to a 0.53% decline in the benchmark BSE Sensex.
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