Nirma To Acquire Stake In Glenmark Life Sciences: Check Number Of Shares On Sale, Transaction Details Here

Shares of Glenmark Life Sciences grabbed investors' attention on Friday (September 22) after an exchange filing revealed that Nirma Limited has entered into a share purchase agreement dated September 21, 2023, with the Seller and the Target Company (Glenmark Life Sciences Limited). Under this agreement, the Acquirer has agreed to acquire 9,18,95,379 Equity Shares ("Sale Shares") from the Seller, for Rs 615 subject to and in accordance with the terms and conditions set out contained in the SPA, including the receipt of the Required Statutory Approval.

A public announcement was issued on Thursday concerning an open offer for the acquisition of up to 2,12,77,736 equity shares of the face value of Rs 2, representing 17.33% of the the Voting Share Capital of Glenmark Life Sciences Limited from the Public Shareholders by Nirma Limited ("Acquirer") ("Offer" or "Open Offer").

The public announcement was made by DAM Capital Advisors Limited, the manager to the Offer ("Manager to the Open Offer"), for and on behalf of the Acquirer (Nirma Limited) to the Public Shareholders of the Target Company (Glenmark Life Sciences Limited).

Following this divestment, Glenmark Pharma, the parent of Glenmark Life Sciences, is expected to own 7.84% in Glenmark Life Sciences.

According to the announcement the Acquirer announced the Open Offer to acquire the Equity Shares from the Public Shareholders of the Target Company (Glenmark Life Sciences Limited), at a price of Rs. 631.20/- per Equity Share aggregating to a total consideration of Rs. 1343,05,06,963/-payable in cash.

Today, the share price of Glenmark Life Sciences Ltd was down 1.45% at Rs 618.00 per share at 10:01 a.m. IST.