Shareholding gaffe at Glenmark Life: Focus shifts to Sebi new rules
wap.business-standard.com/article-amp/ma…
Company promoters bought shares even when they held more than 75 per cent
Brilliant analysis by @This_khushboo @bsindia
A quick thread 🧵
#glenmark #corporategovernance #redflag
wap.business-standard.com/article-amp/ma…
Company promoters bought shares even when they held more than 75 per cent
Brilliant analysis by @This_khushboo @bsindia
A quick thread 🧵
#glenmark #corporategovernance #redflag
Glenmark Life Sciences, 100% subsidiary of Glenmark Pharma, launched IPO in July 2021
Post-IPO, stake of promoter group fell from 100% to 82.84%
Sebi rules provided three years to reduce promoter stake to 75%
Post-IPO, stake of promoter group fell from 100% to 82.84%
Sebi rules provided three years to reduce promoter stake to 75%
During this time further purchase of shares by promoters wasn’t permitted
Promoter Saldanha purchased 7,800 shares (0.01 per cent) from the market in November 2021
Proxy firm SES said purchase, even if inadvertent, violated SAST regulations
Promoter Saldanha purchased 7,800 shares (0.01 per cent) from the market in November 2021
Proxy firm SES said purchase, even if inadvertent, violated SAST regulations
Sebi rules silent on treatment for inadvertent purchases
New framework devised by markets regulator to help prevent inadvertent purchases gains importance
New framework devised by markets regulator to help prevent inadvertent purchases gains importance
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