Glenmark Pharmaceuticals Ltd plans to transfer the domestic active pharmaceutical ingredients and generics formulations business to its subsidiary Glenmark Generics Ltd

pharmaceutical ingredients and generics formulations business to its subsidiary Glenmark Generics Ltd for a consideration of not less than Rs 698 crore.

The company would seek shareholders' approval for the same by way of a postal ballot, Glenmark Pharmaceuticals. Glenmark Pharmaceuticals would transfer domestic active pharmaceutical ingredients and generics formulations businesses by way of sale, lease or otherwise as may be determined by the board of directors, with effect from April 1, it said.

The transfer would include all land, buildings, plants and machineries, brands, trademarks and other assets-related thereto and pertaining to the operations of the parent company at its plants in Goa, Ankleshwar, Kurkumbh and Mohol and all the employees of the said business.

The postal ballot form duly completed should reach the scrutinizer on or before close of working hours on January 30. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the result of the postal ballot will be announced on February 5.