Glenmark Pharmaceuticals Ltd. and one of its promoters, Glenn Mario Saldanha, jointly sold a 7.85% stake in Glenmark Life Sciences Ltd. in order to meet the ownership requirement to facilitate the company's initial public offering.
Saldanha is also the promoter of Glenmark Life Sciences Ltd.
Glenmark Pharmaceuticals and Saldanha sold over 96 lakh shares via an offer for sale in the secondary market. Following the divestment, promoter ownership in the company has reduced from 82.85% to 75% of the paid-up equity share capital.
Glenmark Life Sciences is engaged in the business of the development, manufacturing and sale of active pharmaceutical ingredients and intermediaries, as well as contract development and manufacture organisation services for APIs.
The company said a small portion of its equity, which is yet to be divested to meet the minimum public shareholder norms, will be achieved by March 2025.
Shares of Glenmark Life Sciences closed 1.18% higher at Rs 845.25 apiece ahead of the announcement, while those of Glenmark Pharma ended 0.23% higher at Rs 1,408.15 apiece, according to NSE data. This compares with a 0.11% gain in the benchmark NSE Nifty 50.
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