Nirma to Acquire 75% Stake in Glenmark Life Sciences for Rs 5,651 Crore

Nirma to Acquire 75% Stake in Glenmark Life Sciences for Rs 5,651 Crore

VoM News Desk | September 22, 2023 | 04:48 AM IST | Breaking News | Follow on Google News

Nirma to Acquire 75% Stake in Glenmark Life Sciences for Rs 5,651 Crore. Image/moneycontrol

Nirma, a diversified conglomerate, has entered into a definitive agreement to acquire a 75 percent stake in Glenmark Life Sciences, a listed API (active pharmaceutical ingredient) player, at a price of Rs 615 per share for a total of Rs 5,651 crore. This transaction values Glenmark Life Sciences at an enterprise value of approximately Rs 7,500 crore. As part of the deal, Nirma will also make a mandatory open offer to all public shareholders of Glenmark Life Sciences in accordance with Sebi regulations.

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Following the divestment, Glenmark Pharma, the parent company of Glenmark Life Sciences, will retain a 7.84 percent stake in the latter. This acquisition is part of Glenmark Pharma’s efforts to reduce its debt burden.

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