Drugmaker Glenmark Pharmaceuticals said on Thursday it would sell a 75% stake in unit Glenmark Life Sciences to detergent maker Nirma for 56.52 billion rupees ($679.84 million).
Glenmark Pharma is selling the stake in its life sciences unit, which manufactures active pharmaceutical ingredients, at 615 rupees per share, a 1.8% discount to Glenmark Life Sciences' close of 626.2 rupees on Thursday.
Nirma, whose products range from soaps to cement, will make a mandatory open offer to all public shareholders of Glenmark Life Sciences.
Glenmark Pharma will continue to hold a 7.84% stake in the company after the deal.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Featured Video Of The Day
Amazon, Starbucks Workers Go On Massive Strike In US During Christmas Season
KCR's Party Taunts Amit Shah With 'Washing Powder' Welcome Posters Karisma Kapoor's New Commercial Reminds Us Of This Iconic 90s Ad Karishma Kapoor Turns Back The Clock, Recreates Famous 90s Nirma Ad Is Safe Car Enough? Volvo Crash That Killed CEO, Family Sparks Big Question Pics: Rahul Gandhi's Family Lunch At Iconic Delhi Restaurant "Nothing Short Of Nightmare": Woman Misses Life Event, Slams Air India Public Sector Hydropower Company Hiring For 118 Posts, Check Details Delhi's Air Quality Turns 'Severe' Despite GRAP-4 Restrictions PM Modi Meets Yoga Practitioner, Other Influencers In Kuwait Track Latest News Live on NDTV.com and get news updates from India and around the world.