DRUGMAKER GLENMARK PHARMACEUTICALS (GPL) has entered into a definitive agreement with consumer brand Nirma to divest a 75% stake in its listed subsidiary, Glenmark Life Sciences (GLS), for ₹5,651.5 crore.
The deal, inked at ₹615 a share and an enterprise value of ₹7,535.4 crore, is at a discount of 1.9% to GLS's closing price of ₹627.10 on the BSE on Thursday.
Pursuant to the transaction, Nirma will also make a mandatory open offer to public shareholders of GLS for an additional 17.15% stake in the GLS at ₹631 a share. Following the deal, GPL will continue to hold 7.84% in GLS.
"This deal aligns with Glenmark's strategic intent of moving up the value chain, with continuous focus on our core therapeutic areas of dermatology, respiratory and oncology. The company will use the proceeds from the sales to pare net debt of about ₹3,000 crore, while we have no immediate plans to deploy the remaining ₹2,000 crore," GPL CMD Glenn Saldanha said in a press conference.
Bu hikaye Financial Express Mumbai dergisinin September 22, 2023 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin September 22, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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