Glenmark to merge generics arm

Over six years after Glenmark re-organised its business into generic and speciality arms, the Mumbai-based drug-maker is looking to become one consolidated entity again. The company’s board has approved a proposal to merge Glenmark Pharmaceuticals’ subsidiaries - Glenmark Generics Ltd (GGL) and Glenmark Access Ltd (GAL) with the parent company. The merger will be through a court approved scheme of amalgamation, Glenmark Pharma said in its announcement to the BSE on Friday. As per the scheme, the remaining shareholders holding 0.67 per cent (10,16,741 equity shares) of the share capital of GGL will be issued shares of Glenmark Pharma at a swap ratio of four shares of Glenmark Pharma (of ₹1 each) for every five shares (of ₹10 each) held by the shareholders of GGL.