Glenmark Life Sciences Declares Interim Dividend of ₹22.50 Per Share for FY24

Glenmark Life Sciences Declares Interim Dividend of ₹22.50 Per Share for FY24

VoM News Desk | October 9, 2023 | 07:15 PM IST | Breaking News | Follow on Google News

Glenmark Life Sciences Declares Interim Dividend of ₹22.50 Per Share for FY24

Glenmark Life Sciences Declares Interim Dividend of ₹22.50 Per Share for FY24

Glenmark Life Sciences made a significant announcement on Monday by declaring an interim dividend of ₹22.50 per equity share with a face value of ₹2 each for its valued investors for the financial year 2023-24. This dividend is a testament to the company’s commitment to rewarding its shareholders.

The interim dividend payout will be disbursed to eligible shareholders on October 23, 2023. To ascertain the list of investors eligible for this interim dividend, the company has set the record date for Tuesday, October 17, 2023.

“This is to inform you that the Board of Directors (“Board”) of the Company has at its meeting held today i.e. October 09, 2023, inter-alia, declared Interim Equity Dividend for the financial year 2023-24 of Rs. 22.50/- per equity share of Rs. 2 each,” the company officially stated in its stock exchange filing after the board meeting.

The board meeting, convened from 3:00 pm to 3:20 pm, swiftly concluded with this significant dividend declaration. Despite this announcement, Glenmark Life Sciences’ shares experienced a marginal dip of 0.06%, closing at ₹624.20 per share on the BSE on Monday.

This development follows the recent news of Glenmark Pharmaceuticals, the parent company, revealing its decision to sell a substantial 75% stake in Glenmark Life Sciences to Nirma. The cement-to-detergent manufacturer is set to acquire this substantial stake for ₹5,651.5 crore, valuing the company at ₹7,535.4 crore.

As part of the agreement, Nirma will initiate a mandatory open offer to all public shareholders of Glenmark Life Sciences for an additional 17.15% stake at ₹631 per share. Glenmark Life Sciences had made its stock market debut in August 2021, listing at ₹720 a share.

The successful completion of this deal is contingent upon various conditions, including the receipt of regulatory and shareholder approvals. The proceeds from the sale of shares to Nirma will be utilized by Glenmark Pharma to retire its debt. Even after the stake reduction, Glenmark Pharma will retain a 7.84% stake in Glenmark Life Sciences, ensuring continued involvement in its subsidiary’s growth journey.

VoM News Desk

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