NEW DELHI: Glenmark Pharmaceuticals on Thursday stated it’ll sell a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore.
The firm’s board at its assembly held on September 21, 2023, thought-about and accepted the sale of 91,895,379 shares representing 75 per cent share capital of Glenmark Life Sciences Ltd to Nirma Ltd at a value of Rs 615 per share, aggregating to Rs 5,651.5 crore, the Mumbai-based drug maker stated in a regulatory submitting.
As a part of the transaction, the corporate, Glenmark Life Sciences and Nirma have agreed to sure non-compete and non-solicit preparations for a specified interval, it added.
The firm’s board at its assembly held on September 21, 2023, thought-about and accepted the sale of 91,895,379 shares representing 75 per cent share capital of Glenmark Life Sciences Ltd to Nirma Ltd at a value of Rs 615 per share, aggregating to Rs 5,651.5 crore, the Mumbai-based drug maker stated in a regulatory submitting.
As a part of the transaction, the corporate, Glenmark Life Sciences and Nirma have agreed to sure non-compete and non-solicit preparations for a specified interval, it added.
