Mumbai, July 11 – Glenmark Pharmaceuticals Ltd. has announced its decision to reduce its stake in its subsidiary, Glenmark Life Sciences Ltd. , through an offer for sale (OFS) on the stock exchange. The pharmaceutical giant will offload a 7. 84% equity shareholding in its life sciences arm, amounting to approximately 9. 6 million shares.
The move comes after Indian conglomerate Nirma Ltd. acquired a substantial 75% stake in Glenmark Life Sciences earlier this year, solidifying its position as the promoter of the company. Glenmark Life Sciences is a key player in the active pharmaceutical ingredients (APIs) market, and its strategic importance within the pharmaceutical industry has been a driving factor behind Nirma’s acquisition.
While the exact timing and pricing details of the OFS are yet to be disclosed, the market is closely watching the development. The divestment is expected to generate significant funds for Glenmark Pharmaceuticals, which it may utilize for strategic investments, research and development, or debt reduction.