Glenmark Board Approves Sale of 7% Stake in Glenmark Life Sciences to Nirma for Rs 5,651.5 Crore – Times of India

NEW DELHI: Glenmark Pharmaceuticals announced on Thursday that it will sell a 75% stake in its subsidiary, Glenmark Life Sciences, to Nirma Ltd for Rs 5,651.5 crore. The decision was made during the board meeting held on September 21, 2023. As part of the agreement, Nirma will acquire 91,895,379 shares, representing 75% of the share capital of Glenmark Life Sciences, at a price of Rs 615 per share. The deal also includes certain non-compete and non-solicit arrangements between Glenmark, Glenmark Life Sciences, and Nirma for a specific period of time.