New Delhi, Glenmark Pharmaceuticals on Wednesday said its board has approved the proposal to sell the remaining 7.84 per cent stake in Glenmark Life Sciences through an offer for sale in a deal worth about Rs 778 crore.

The Mumbai-based drugmaker said the company's board in its meeting held on July 10 approved the sale of 96,09,571 shares of Glenmark Life Sciences through an offer for sale (OFS) through the stock exchange mechanism. A regulatory filing.

It said the shares will be sold at a floor price of Rs 810 per share by Glenmark Pharmaceuticals and Chairman and Managing Director Glenn Mario Saldanha.

The company said the share sale will begin on July 11 and end on July 12.

In September 2023, Nirma announced a deal to acquire 75 per cent stake in Glenmark Life Sciences for Rs 5,651.5 crore.

In February this year, Nirma said it would launch an open offer of Rs 1,343.05 crore to acquire an additional 17.33 per cent stake from public shareholders of Glenmark Life Sciences.

The parties had signed a definitive agreement under which the Mumbai-based drugmaker agreed to sell 75 per cent stake in Glenmark Life Sciences (GLS) to Nirma Ltd at Rs 615 per share and retain only 7.84 per cent stake in GLS. .

Shares of Glenmark Pharmaceuticals closed 1.44 per cent higher at Rs 1,379.40 on the BSE.