Glenmark Pharmaceuticals shares fall after stake sale announcement

Shares of Glenmark Pharmaceuticals dropped by 1.60% to Rs 1357.30 per share on the Bombay Stock Exchange (BSE) during early trading on Thursday. Glenmark Lifesciences also saw a decline, slipping 3.8% to Rs 845 per share.

The dip in stock prices followed Glenmark Lifesciences’ announcement on Wednesday that its board approved the sale of a 7.84% stake in the company. This sale will include up to 96,09,571 equity shares and will be conducted through an offer for sale (OFS) on the stock exchange. The specific price and date for the OFS will be announced later.

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As of March 2024, Glenmark Pharmaceuticals held a 7.84% stake in Glenmark Lifesciences, while Glen Mario Saldanha held a 0.1% stake.

In May this year, Indian conglomerate Nirma completed the acquisition of a 75% stake in Glenmark Lifesciences, a manufacturer of active pharmaceutical ingredients (APIs). Under the share purchase agreement, Nirma acquired 91.9 million equity shares, making it the promoter of Glenmark Lifesciences. This acquisition involved 75% of the current issued and paid-up equity share capital of Glenmark Lifesciences from Glenmark Pharmaceuticals.