The shares of the leading API manufacturer have fallen up to 4 percent after the board of a parent company plans to offload 7.84 percent in the company via an offer for sale.
The shares of Glenmark Life Sciences Ltd were trading at Rs 848.30 per share, decreasing around 3.49 percent as compared to the previous closing price of Rs 878.95 apiece. The market capitalization of Rs 10,393.98 crore. Glenmark Pharmaceuticals Ltd trading at Rs 1,375 apiece has fallen 2% from the previous closing price.
Matter Explanation:-
Today the company shares have seen a bearish movement after Glenmark Pharma’s board of directors approved the company’s plans to offload a 7.84 percent stake in Glenmark Life Sciences through an offer for sale.
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With this OFS, Glenmark Pharma will totally depart Glenmark Life Sciences. The OFS floor price is determined at Rs 810 per share, reflecting a 7.5% discount from Glenmark Life Sciences’ last closing price. The OFS’s broker will be Kotak Securities Limited.
Financial Condition:-
Examine the company’s financial performance, revenue plummeted by 35 percent from Rs 621 crore in Q4FY23 to Rs 537 crore in Q4FY24. During the same period, net profit shrunk significantly by 33 percent, from Rs 146 crore to Rs 98 crore.
Previous Acquisition & portfolio:-
In March of this year, Indian conglomerate Nirma completed the acquisition of a 75% share in Glenmark Life Sciences. Under the terms of the share purchase deal, Nirma bought 9.19 crore equity shares, establishing itself as GLS’s promoter.
GLS has a portfolio of 146 compounds, GLS serves chronic therapeutic areas such as cardiovascular illness, central nervous system disease, pain management, and diabetes. Its purchase has greatly increased Nirma’s footprint in the pharmaceuticals and life sciences industry.
Company Snapshot:-
Glenmark Life Sciences Limited is an India-based firm that focuses on developing, manufacturing, and selling active medicinal ingredients. The Company’s product portfolio includes treatments for cardiovascular (CVS) illness and other therapeutic areas.
Written by:- Abhishek Singh
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