This S&P BSE Smallcap Stock announced that it has received an open offer for 2.13 crore shares. The company has a market cap of Rs. 7,692 crore and is 7% away from its 52 week high, trading at Rs. 627.75 versus Rs. 624.60 at previous close.
The stock is seeing volumes that are over 0.7x the monthly average, trading at its 20 day moving average and 28% above its 200 day moving average.
In a filing dated 7th October 2023, Glenmark Life Sciences Ltd (“Glenmark Life Sciences”) announced that it has received an open offer for acquisition of up to 2,12,77,736 equity shares, representing 17.33% of the of the Voting Share Capital of Glenmark Life Sciences from the Public Shareholders by Nirma Limited (“Nirma”).
The Offer is a mandatory open offer being made by the Acquirer to the Public Shareholders of the Target Company in accordance with Regulations 3(1) and 4 of the SEBI (SAST) Regulations pursuant to the execution of the SPA.
The public announcement was made by the Acquirer on September 21, 2023 and the detailed public statement in relation to the Open Offer was published in Financial Express. Nirma will pay in cash, Rs. 631.20 per share, indicating a 1% premium over previous close. Escrow agent for the transaction is Kotak Mahindra Bank, holding Rs. 21 crore.
The prime objective of the Acquirer for undertaking the Underlying Transaction and the Open Offer is to have substantial holding of Equity Shares and voting rights, accompanied by acquisition of control of the Target Company, with a view to enter into the growing pharmaceutical sector. Following the completion of the Open Offer and the Underlying Transaction, the Acquirer intends to work with the management and employees for growth of the Target Company.
Glenmark Life Sciences engages in the development, manufacture, and supply of non-commoditized active pharmaceutical ingredients for various chronic therapeutic areas in India.
Written by Sandeep R
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