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
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%
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
Sebi rules silent on treatment for inadvertent purchases

New framework devised by markets regulator to help prevent inadvertent purchases gains importance

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Dec 30, 2022
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