Glenmark Pharma gets BSE nod to merge subsidiaries with itself

Leading stock exchange BSE has approved the merger of Glenmark Pharmaceuticals' two subsidiaries with the pharma company as the amalgamation does not violate securities law.

The pharma giant received nod for the merger of Glenmark Generics Ltd and Glenmark Access Ltd with itself, which the Glenmark Pharmaceuticals board had approved in January this year.

'No-objection approval' has been granted to the proposal, the BSE said a letter to Glenmark Pharmaceuticals dated May 2.

Besides, the National Stock Exchange had approved the proposed merger last month.

The approval is valid for six months, during which the company will apply to the High Court for further clearance of the proposal.

Glenmark Pharmaceuticals also needs to display on website its shareholding pattern before and after the merger.

The BSE said that it received confirmation from the company saying the scheme does not violate or override provisions of securities laws or stock exchange requirements.

"Accordingly, we do hereby convey our 'no-objection' with limited reference to those matters having a bearing on listing /delisting/ continuous listing requirements within the provisions of the Listing Agreement, so as to enable the company to file the scheme with the High Court," the BSE said.

Companies seeking to implement merger or de-merger strategies are required to obtain a no-objection certificate from the stock exchanges.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • The current value of the rupee does not merit market intervention

    The rupee, losing 40 paise per month against the dollar since May, is expected to remain under pressure till the calendar runs out on December 31, bef

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Sustainable model for rural sanitation

Prime minister Narendra Modi has promised to build a toilet ...

Zehra Naqvi

How smells evoke strong memories

Remember that time when a passing fragrance transported you to ...

Dharmendra Khandal

Indian zoos need a fresh approach

Recently, when a man jumped in a tiger trench of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture