Global pharmaceutical company Glenmark Pharmaceuticals Limited has forged an agreement with Nirma Limited to divest 75% stake in its subsidiary Glenmark Life Sciences Limited.
Under the agreement, Glenmark Pharma will divest the stake to Nirma at a price of Rs 615 per share, aggregating to Rs 5,651.5 crore.
Following the divestment, Glenmark Pharma will retain a 7.84% ownership stake in Glenmark Life Sciences. The transaction between the firms is subject to customary closing conditions precedent.
In accordance with the terms of the deal, Nirma Limited will make a mandatory op...