Promoters to sell 7.85% in Glenmark Life through OFS
The OFS will be open for non-retail investors on Thursday, with retail investors allowed to place their bids on Friday. A minimum of 10% of the OFS has been reserved for the retail category, subject to receipt of valid bids.
and , promoters of , will divest up to a 7.85% stake in the company through an offer for sale (OFS) to meet the minimum public shareholding requirements. The promoter entities intend to sell up to 96.17 lakh shares of the company through the OFS scheduled for July 11 and 12. The floor price for the proposed OFS is set at Rs 810, a 7.85% lower than the closing price on Wednesday.The OFS will be open for non-retail investors on Thursday, with retail investors allowed to place their bids on Friday. A minimum of 10% of the OFS has been reserved for the retail category, subject to receipt of valid bids.
As of March 31, 2024, promoters held an 82.85% stake in Glenmark Life. The Securities and Exchange Board of India (Sebi) mandates all listed companies to ensure that non-promoters hold at least 25% of their equity shares. Newly listed companies have three years from their listing date to comply with these norms. was listed in August 2021.
Last year, Glenmark Pharmaceuticals sold 75% of the stake in Glenmark Life to at a price of Rs 615 per share, amounting to Rs 5,650 crore. The stock price of the company has rallied 43% since then to Rs 879 on Wednesday.
Source: Stocks-Markets-Economic Times
