Glenmark Life announces interim dividend of ₹22.50 per share

The interim will be paid to eligible shareholders on October 23, 2023. The record date for reckoning the list of investors eligible for the interim dividend will be Tuesday, October 17, 2023.

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“This is to inform you that the Board of Directors (“Board”) of the Company has at its meeting held today i.e. October 09, 2023, inter-alia, declared Interim Equity Dividend for the financial year 2023-24 of Rs. 22.50/- per equity share of Rs. 2 each,” said the company in its stock exchange filing after the board meeting.

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The board meeting commenced at 3:00 pm and ended at 3:20. Glenmark Life Science shares closed 0.06% lower at ₹624.20 per share on BSE on Monday. 

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Company’s parent firm Glenmark Pharmaceuticals, on September 21, announced to sell 75% stake in Glenmark Life to Nirma.  The cement-to-detergent maker will buy 75% stake in the company for ₹5.651.5 crore in a deal that values the company at ₹7,535.4 crore. 

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As per the deal, Nirma will make a mandatory open offer to all public shareholders of Glenmark Life Sciences for an additional 17.15 per cent stake at ₹631 per share. The life sciences company listed on the bourses in August 2021 at ₹720 a share. The sale will be subject to various conditions, including receipt of regulatory and shareholder approvals.

The amount earned from the sale of shares to Nirma will be used by Glenmark Pharma to repay debt. After the deal, Glenmark Pharma will continue to own a 7.84 per cent stake in Glenmark Life Sciences with the stake reduction.

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Updated: 09 Oct 2023, 05:25 PM IST