Glenmark Life Sciences Considers Dividend Declaration in Upcoming Board Meeting on October 9

In a development that could bring cheer to shareholders, Glenmark Life Sciences Ltd. has scheduled a board meeting for October 9. During this meeting, the company will deliberate the possibility of declaring an interim dividend for the financial year 2023-24.

Source: https://www.tickertape.in/

In a development that could bring cheer to shareholders, Glenmark Life Sciences Ltd. has scheduled a board meeting for October 9. During this meeting, the company will deliberate the possibility of declaring an interim dividend for the financial year 2023-24.

Earlier this year, in March, Glenmark Life Sciences had already declared an interim dividend amounting to Rs 21 per share. Additionally, in September 2022, the company distributed a final dividend of Rs 10.5 per share, followed by another interim dividend of the same amount in November 2021. Mark your calendars for October 17, 2023, as the record date for potential dividend payouts if approved. This crucial date will determine eligible shareholders. 

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Notably, Glenmark Pharma, the parent company of Glenmark Life Sciences, recently unveiled its plan to sell 75 percent of its stake in the subsidiary to Nirma at a rate of Rs 615 per share. This strategic sale equates to an impressive equity valuation surpassing Rs 7,500 crore. Even after this significant transaction, Glenmark Pharma will maintain a stake of 7.84 percent in Glenmark Life Sciences.

Market experts, like BOFA Securities, have reaffirmed their buy rating on Glenmark Life Sciences shares, setting a price target of Rs 745 per share. They anticipate a shift in focus from the recent deal's revaluation to the company's earnings trajectory.

On the stock market front, Glenmark Life Sciences witnessed minimal movement on Wednesday, with shares closing at Rs 617.55. Year-to-date, the stock has recorded an impressive 50 percent gain. However, it remains below its initial public offering (IPO) price of Rs 720 since its debut on bourses in August 2021.