Washing powder maker Nirma and Sekhmet vie for USD 731 million Glenmark Life stake: Sources
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Mumbai: Indian conglomerate Nirma Ltd. and PAG-backed Sekhmet Pharmaventures are among the shortlisted bidders for a controlling stake in Glenmark Life Sciences Ltd., according to people familiar with the matter.
The suitors have entered the final round of bidding for a stake of about 83% in the Mumbai-listed company held by Glenmark Pharmaceuticals Ltd., said the people, who asked not to be identified as the information is private.
Shares of Glenmark Life rose as much as 3.8% on Friday. They were up 0.7% at 12:42 p.m. in Mumbai, valuing the controlling stake at about 60 billion rupees ($731 million).
Glenmark Pharma has been working with advisers to seek buyers for its stake in the unit as it looks to raise cash and cut debt, the people said. Deliberations are ongoing and the bidders may not proceed with formal offers, the people said. Representatives for Glenmark Life, Glenmark Pharma, Nirma and PAG declined to comment, while Sekhmet Pharmaventures didn’t respond to requests for comment.
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