Glenmark Pharmaceuticals on Thursday said it will sell a 75 per cent stake in its subsidiary Glenmark Life Sciences to Nirma Ltd for Rs 5,651.5 crore.

The company's board at its meeting held on September 21, 2023, considered and approved the sale of 91,895,379 shares representing 75 per cent share capital of Glenmark Life Sciences Ltd to Nirma Ltd at a price of Rs 615 per share, aggregating to Rs 5,651.5 crore, the Mumbai-based drug maker said in a regulatory filing.

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As part of the transaction, the company, Glenmark Life Sciences and Nirma have agreed to certain non-compete and non-solicit arrangements for a specified period, it added.