Glenmark Pharma will be holding a press conference at 7 PM on Thursday evening to announce a potential stake sale in Glenmark Life Sciences, sources with knowledge of the matter told CNBC Awaaz.

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The sources further said that an announcement on a potential stake sale could be made this evening. Proceeds from the stake sale is likely to be used to pare debt and expansion in the US market.

Glenmark Pharma is yet to comment on email queries sent by CNBC Awaaz.

As of the June quarter shareholding pattern, Glenmark Pharma held 82.85 percent stake in Glenmark Life Sciences.

In an interaction with CNBC-TV18 on August 16 this year, VS Mani of Glenmark Pharma had said that the company is looking to reduce its stake in Glenmark Life by 7-8 percent.

A stake sale of this quantum would make Glenmark compliant with minimum public shareholding norms.

Glenmark Life Sciences develops, manufactures and supplies non-commoditised active pharmaceutical ingredients (APIs) in chronic therapeutic areas and end-to-end support.

Shares of Glenmark Pharma are off the day's high, currently trading 0.8 percent higher at Rs 864, while those of Glenmark Life are trading 1.5 percent higher at Rs 644.

First Published:Sept 21, 2023 11:53 AM IST