Nirma Limited acquires majority stake in Glenmark Life Sciences

Nirma Limited, a diversified conglomerate with interest in consumer products, chemicals and pharmaceuticals, has announced the completion of acquisition of 91,895,379 equity shares, representing 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences from Glenmark Pharmaceuticals.

Under the terms of the share purchase agreement, Nirma Limited has purchased 75% of the current issued and paid-up equity share capital of Glenmark Life Sciences, consolidating its position as the new promoter of the company. This strategic acquisition marks a significant milestone for Nirma Limited as it strengthens its presence in the pharmaceuticals and life sciences sector.

Commenting on the transaction, Mr. Hiren Karsanbhai Patel, Managing Director, Nirma Limited said, "We are pleased to announce the successful completion of a majority stake in Glenmark Life Sciences. This acquisition aligns with our strategic objective to expand our presence in the pharmaceutical and life sciences industry. We are excited about the growth opportunities that lie ahead and are committed to leveraging our resources and expertise to drive sustainable long-term value for our stakeholders."

Speaking on the announcement Dr. Yasir Rawjee, Managing Director and CEO, Glenmark Life Sciences said, "We are delighted to welcome Nirma Limited as our new promoter. Their commitment and overall sense of purpose to unlock the potential that lies ahead of this business will further strengthen our position and accelerate our growth trajectory. We will continue to deliver high quality innovative solutions to our customers and enhance value for our shareholders."

Further the Board of Directors of the Company has appointed Mr. Hiren Karsanbhai Patel, Mr. Kaushikbhai N. Patel and Mr. VijayKumar Ratilal Shah as Additional Directors, subject to approval of the shareholders.

Shares of Glenmark Life Sciences Ltd was last trading in BSE at Rs. 724.15 as compared to the previous close of Rs. 732.10. The total number of shares traded during the day was 6907 in over 831 trades.

The stock hit an intraday high of Rs. 733.90 and intraday low of 714.00. The net turnover during the day was Rs. 4987634.00.

Source : Equity Bulls

Keywords

GlenmarkLifeSciences INE03Q201024 GLS Nirma AcquisitionComplete