Glenmark Pharmaceuticals will sell 9,18,95,379 shares in the subsidiary at Rs 615 a share. The 75% stake sale in Glenmark Life Sciences will trigger an open offer to the minority shareholders of the company, as per the regulatory norms
Shares of Glenmark Pharmaceuticals hit a 23-month high of Rs 587.50, up 3 per cent, on the BSE in intra-day trade on Monday after the company announced that its API (Active Pharmaceutical Ingredient) division, Glenmark Life Sciences, is planning to raise fund via an initial public offer (IPO). The stock of the drugmaker is trading at its highest level since May 2019. It recovered 9 per cent from its intra-day low of Rs 539 touched on the BSE. At 02:15 pm, the stock was quoting 1 per cent higher at Rs 577 as compared to a 1.9 per cent decline in the S&P BSE Sensex. The trading volumes on the counter almost doubled with a combined around 12 million equity shares changing hands on the NSE and BSE.