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Glenmark Pharmaceuticals is to divest a 7.85% stake in Glenmark Life Sciences via an OFS on July 11-12, 2024, to meet SEBIi's public shareholding norms. The floor price is set at ₹810 per share, marking a 7.85% discount from the last closing price.
Glenmark Pharmaceuticals and Glen Saldanha, promoters of Glenmark Life Sciences, have announced plans to divest up to a 7.85% stake in the company through an Offer for Sale (OFS). This move aims to meet the minimum public shareholding requirements mandated by SEBI.
Explore: GLENMARK PHARMACEUTICALS
The promoters will offer up to 96.17 lakh shares of Glenmark Life Sciences during the OFS scheduled for July 11 and 12, 2024. The floor price for the OFS is set at ₹810, representing a 7.85% discount to Wednesday's closing price.
The OFS will be available to non-retail investors on Thursday, while retail investors can place their bids on Friday. A minimum of 10% of the OFS is reserved for retail investors, subject to valid bids.
As of March 31, 2024, promoters held an 82.85% stake in Glenmark Life Sciences. SEBI requires all listed companies to ensure that at least 25% of their equity shares are held by non-promoters.
Companies newly listed on the stock exchange have three years from their listing date to comply with this regulation. Glenmark Life Sciences, listed in August 2021, is approaching the deadline for compliance.
In the previous year, Glenmark Pharmaceuticals sold 75% of its stake in Glenmark Life Sciences to Nirma at ₹615 per share, totalling ₹5,650 crores. This transaction significantly reduced its stake in Glenmark Life Sciences.
On July 10, 2024, Glenmark Pharmaceuticals' Board of Directors approved the sale of up to 96,09,571 equity shares of Glenmark Life Sciences, representing 7.84% of the company's issued and paid-up equity share capital. The sale will be conducted through the stock exchange mechanism in accordance with applicable laws.
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