Glenmark Pharmaceuticals shares tumbled 6% on 22 September after the company agreed to divest 75% of its stake in subsidiary Glenmark Life Sciences to Nirma.

The company has entered into a definitive agreement with Nirma to sell a 75% stake in Glenmark Life Sciences at Rs 615 per share for a total of Rs 5,651.5 crore.

Prior to this stake sale, the company owned an 82.9% stake in Glenmark Life Sciences and now will be left with a 7.84% stake.

Nirma will have to make a compulsory open offer to public shareholders of Glenmark Life Sciences to purchase an additional 17.15% stake in the company at an average price of Rs 631 per share.

According to a report by CNBC TV18 from June 2023, Nirma and PAG-backed Sekhmet Pharmaventures were shortlisted as the final bidders for a controlling stake in Glenmark Life Sciences.

At 10:40 am, the shares of Glenmark Pharmaceuticals were trading at Rs 783.30 or 5.36% below its previous close on NSE.