A laundry soap manufacturing company has bought a major stake in a pharma company. You must have heard the name of Nirma, it must be used in your house too. Now the company making clothes soap has bought a big stake in the country's leading pharma company. In fact, Nirma, a household appliance company, has purchased 75 percent stake in Glammark Life. Nirma has finalized this deal for Rs 5654 crore. The deal is likely to be finalized by December this year.
Bought stake in pharma company
Nirma will make a mandatory open offer to all public shareholders as per SEBI norms. Glenmark's parent company Glenmark Pharma will own 7.84 percent of Glenmark Life Sciences after this deal. At the same time, Nirma has bought 9,18,95,379 shares i.e. 75 percent stake of Glenmark Life Sciences at a price of Rs 615 per share.
Due to this, Glenmark had to sell its stake.
Actually, there is debt pressure on Glenmark Pharma, to reduce which the company had to sell its stake. This deal will strengthen Nirma's hold in the pharma sector. Regarding this deal, Glenmark Pharma official said that this is a big step in pharma for Nirma Group. At the same time, according to the official associated with Glenmark Pharma, as soon as the deal is completed, Glenmark Pharma will be net cash positive.
At the same time, if we talk about the annual turnover of Nirma Company, then the turnover of the company is more than 2.5 billion dollars and is in the business of industrial chemicals, detergent, soap, cement and real estate.
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