Nirma Limited made an open offer to acquire 17.2% stake in Glenmark Life Sciences Limited (NSEI:GLS) for INR 13.4 billion on September 21, 2023. In relation to an open offer, Nirma will acquire up to 2,12,77,736 equity shares representing 17.33% at a price of INR 631.2 per Equity Share aggregating to total consideration of INR 13.431 billion, payable in cash. The offer shares include 21.014422 million equity shares and 0.263314 million vested employee stock options. In a related transaction, Nirma Limited entered into a definitive agreement to acquire 75% stake in Glenmark Life Sciences Limited from Glenmark Pharmaceuticals Limited (NSEI:GLENMARK) for INR 56.5 billion. The offer is subject to the receipt of the approval of Competition Commission of India. The source of funds for Nirma is its internal resources. The offer period will commence on November 16, 2023, and close on November 30, 2023. DAM Capital Advisors Limited acted as financial advisor to Nirma Limited. KFin Technologies Limited (NSEI:KFINTECH) acted as registrar to Glenmark.

Nirma Limited completed the acquisition of 0.000738% stake in Glenmark Life Sciences Limited (NSEI:GLS) on February 29, 2024.