Shares of Glenmark Pharmaceuticals Ltd. fell the most in four months after it agreed to sell 75% stake in its life sciences subsidiary to Nirma Ltd. for Rs 5,651.5 crore
The pharma company will sell shares of Glenmark Life Sciences Ltd. at Rs 615 apiece, according to an exchange filing. Glenmark Pharma will own 7.84% after the transaction. The deal, subject to customary approvals, is expected to close in FY24.