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E-mail ID will not be published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

  • Child abuse needs to be tackled with the seriousness it deserves

    The Bangalore rape case has again brought into focus an issue we Indians forever shy away from facing up to — child sexual abuse.

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

Varun Dutt

<b>Riskfactor</b>: THE BASE RATE BIAS

Base rate fallacy, also called base rate neglect or base ...

Parvez Imam

Revisiting history can do us all good

We often think that we understand history. We read it ...

Bubbles Sabharwal

Your happiness doesn’t depend on your needs

They are two different words (and even worlds) altogether: having ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture