Glenmark Life Sciences announces interim dividend for FY24

Glenmark Life Sciences in its board meeting today (October 9) announced an interim dividend of Rs 22.5 per share.

“This is to inform you that the Board of Directors (“Board”) of the Company has at its meeting held today i.e. October 09, 2023, inter-alia, declared Interim Equity Dividend for the financial year 2023-24 of Rs. 22.50/- per equity share of Rs. 2 each,” said the company in an exchange filing.

The record date for ascertaining the eligibility of shareholders for the said interim dividend is decided as October 17, 2023. This means shareholders who hold shares of the company in their demat as on the record date will be entitled to receive the dividend amount.

“The interim dividend will be paid to such shareholders on or after October 23, 2023,” added the filing.

The company since November 2021 has declared 4 dividends, Trendlyne data shows.

In the previous FY ended 2023, the company announced a dividend to the tune of 1050% or Rs 21 per share. At the current share price of Rs 623.6, this translates into a dividend yield of over 3 per cent.

The company’s stock in the last 1-year has gained 66 per cent, with 52-week low and high prices at Rs 370 and Rs 675 per share, respectively.

Last month, the stock gained focus as the company’s parent firm Glenmark Pharma agreed to dilute 75% holding in its life sciences arm to Nirma Ltd.

Glenmark Life Sciences is a smallcap company with a market capitalisation of Rs 7676 crore. The company is engaged in the development and manufacture of select high value, non-commoditized APIs in chronic therapeutic segments.