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Glenmark Labels As ‘Speculative’ Report Of Talks To Sell API Unit Stake

 
• By Penelope MacRae

Debt-laden Glenmark Pharmaceuticals has described as “speculative” a report that the firm is discussing with leading Indian family investment office PremjiInvest selling a minority stake in its newly hived-off API subsidiary. The company has promised to remain “proactive” in informing the Bombay Stock Exchange about corporate developments.

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Glenmark Has Addressed Speculation That It Plans To Sell Off A Slice Of Its API Unit • Source: Shutterstock

Ailing Glenmark Pharmaceuticals, which has been seeking to divest a minority stake in its newly spun-off active pharmaceutical ingredient subsidiary to pare its nearly half-billion-dollar debt, has described as “speculative” a media report that it is in discussions with PremjiInvest, the family investment office of Indian software billionaire Azim Premji, about selling 25-30% of the unit for $150m.

Indian financial daily The Economic Times reported that talks were taking place with PremjiInvest, the country’s biggest family office which holds at least $3bn in assets. The daily said Glenmark...

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