Glenmark Life Sciences gains on parent Glenmark Pharma plan to pare stake

CNBC Awaaz reported that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company without sharing the details

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Glenmark Life Sciences was up over one percent in the afternoon trade following a CNBC Awaaz report that parent Glenmark Pharmaceuticals was looking to reduce its stake in the company without sharing the details.

Moneycontrol couldn’t verify the development independently.

As of June 30, Glenmark Pharmaceuticals held an 82.84 percent stake in the company. Glenmark Pharmaceuticals chairman and managing director Glenn Saldanha said in an earnings conference call for Q1FY24, “We have a 7-8 percent sell-down requirement by law and we are working on it.”

The Securities and Exchange Board of India (SEBI) mandates that promoters can’t hold more than 75 percent in a company.

“Glenmark has three years to bring the public shareholding to 25 percent, and the timeline is up to August 2024,” Glenmark Pharma’s executive director and global chief financial officer VS Mani said in the call.

Also read ChrysCapital joins race to buy Glenmark Life Sciences for around Rs 7,000 cr

Nirma submitted its binding bid for Glenmark Pharmaceuticals stake in August. Private Equity firm ChyrsCapital was also in a race to take over Glenmark Pharmaceuticals stake.

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In the April-to-June quarter, Glenmark Life Sciences reported an 18 percent year-on-year (YoY) growth in revenue at Rs 578.45 crore. Net profit rose 24 percent to Rs 135.45 crore.

The company reported earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 195 crore, up 24.8 percent YoY.

At 12.59, the share was trading at 639 on the National Stock Exchange, up 0.61 percent.

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