(Reuters) -Indian drugmaker Glenmark Pharmaceuticals said on Thursday it would sell a 75% stake in unit Glenmark Life Sciences to detergent maker Nirma for 56.52 billion rupees ($679.84 million).
Glenmark Pharma is selling the stake in its life sciences unit, which manufactures active pharmaceutical ingredients, at 615 rupees per share, a 1.8% discount to Glenmark Life Sciences’ close of 626.2 rupees on Thursday.
Nirma, whose products range from soaps to cement, will make a mandatory open offer to all public shareholders of Glenmark Life Sciences.
Glenmark Pharma will continue to hold a 7.84% stake in the company after the deal.
($1 = 83.1373 Indian rupees)
(Reporting by Ashna Teresa Britto)
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