Shares of Glenmark Life Sciences Ltd. will be in focus on Thursday, October 5, after the company announced that its board will meet on Monday, October 9, to consider and declare an interim dividend to shareholders if any for the financial year 2023-24.
The company announced an interim dividend of Rs 21 in March this year. Previously, it had paid a final dividend of Rs 10.5 per share in September 2022 and another interim dividend of Rs 10.5 per share in November 2021.
The record date, for the payment of the dividend, if any declared, has been fixed as October 17, 2023.
Earlier this month, the company's parent, Glenmark Pharma announced that it would be selling 75% of its stake in Glenmark Life at a price of Rs 615 per share to Nirma. The sale implies an equity valuation of over Rs 7,500 crore.
Post the sale, Glenmark would continue to own a 7.84% stake in Glenmark Life.
Brokerage BOFA Securities reiterated its buy rating on the shares of Glenmark Life Sciences with a price target of Rs 745 per share. The brokerage noted that after the re-rating in anticipation of the deal, focus will now shift to the earnings trajectory.
Shares of Glenmark Life Sciences ended little changed on Wednesday, October 4, at Rs 617.55. The stock is up nearly 50% so far in 2023. However, the stock is trading below its IPO price of Rs 720. Glenmark Life debuted on the bourses in August 2021.
(Edited by : Amrita)
First Published: Oct 5, 2023 5:17 AM IST
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