Glenmark Pharma latest updates-
Selling 75 pc stake in GLS (Glenmark Life Sciences) that was involved in making APIs and had a small CDMO business - to Nirma Group
To get sale proceeds (post Tax) of about 5000 cr. Has a debt of 4600 cr on Books
GPL to be debt free by yr end
GLS used to pay hefty dividends to its parent so as to reduce its Debt burden. That obligation is now gone
GLS’s CDMO ambitions were at risk as its parent (GPL) was involved in NCE research. Innovators were uncomfortable handing over CDMO projects to GLS because of that
GLS used to trade at significant discount to peers because of these reasons
I think, its a win-win for both GPL and GLS
Disc : bought a tracking position in both
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