Glenmark Pharmas stake in the leading active pharmaceutical ingredient (API) platform will drop to 7.84% from 82.84%. The transaction values the company at Rs 7,535.4 crore, a slight discount to the current market value of Rs 7,683 crore. The acquisition will trigger a mandatory open offer to all public shareholders of GLS for an additional 17%.
The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals, added the release. Pursuant to the transaction, Nirma Limited will make a mandatory open offer to all public shareholders of GLS. The other contender Sekhmet Pharmaventures, a platform backed by, PAG, CX Partners and Samara Capital, did not put in their final offer after intense negotiations, ET reported.