Glenmark Life Sciences shares up 1% on reports of Glenmark Pharma stake sale
Glenmark Life Sciences shares were up over 1% in the afternoon trade on September 21 after a CNBC Awaaz report that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company. Moneycontrol couldn’t verify the development independently.
Glenmark Pharmaceuticals currently holds an 82.84% stake in Glenmark Life Sciences. The company is required to reduce its stake to 75% by August 2024 to comply with SEBI regulations.
Nirma and ChrysCapital have both submitted binding bids for Glenmark Pharmaceuticals’ stake in Glenmark Life Sciences.
In the April-to-June quarter, Glenmark Life Sciences reported an 18% YoY growth in revenue to Rs 578.45 crore and a 24% YoY increase in net profit to Rs 135.45 crore.
At 12.59 pm on September 21, Glenmark Life Sciences shares were trading at Rs 639 on the National Stock Exchange, up 0.61%.
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