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.


  • India can increase its GDP by letting women take as much part as men in the economy

    Women hold up half the sky. So said Mao Zedong. Now, McKinsey Global Institute (MGI) tells us that they can hold up more than half the sky.


Stay informed on our latest news!


Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs


Amita Sharma

Rank disorder in higher education

Two Indian institutes count among the wo­rld’s top 200 in ...

Zehra Naqvi

Little known gems

Fame, as they say, is a fickle mistress. And all ...

Bubbles Sabharwal

Harmony is a work in progress

Things, events, feelings, people... nothing has value attached to it, ...


William D. Green

Chairman & CEO, Accenture