India- based, Glenmark Pharmaceuticals Ltd has announced that the company has planned to transfer its domestic active pharmaceuticals ingredients (API) and generic formulation business to its subsidiary Glenmark Generics.

According to a release issued by Glenmark to the BSE said that the members of the company will consider to approve the ordinary resolution by way of postal ballot to transfer by way of sale, lease or otherwise, its domestic API and generics formulations business together with all land, building, plant and machinery, brands, trademarks and other assets related thereto and pertaining to the operations of the company at its plants in Goa, Ankleshwar, Kurkumbh and Mohol and all the employees of the said business, as a going concern, to Glenmark Generics Ltd for a consideration not less than Rs 698 Crores as may be determined by the Board of Directors with effect from April 01, 2008.

The duly completed postal ballot form should reach the scrutinizer before 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, the release added.

Glenmark Pharmaceuticals Ltd. is a research-driven, global, fully integrated pharmaceutical company headquartered at Mumbai, India. It employs over 4500 people across its global operations. The firm has generic formulation and API business interests in over 85 countries across the world including the regulated markets of USA and Europe. The formulation business spans several product segments such as Dermatology, Internal Medicine, Pediatrics, Gynecology, ENT, Diabetes and Oncology.

The stock of Glenmark closed yesterday at Rs. 598 on NSE, up by 0.38% from the previous close of Rs. 596. It touched an intraday high of Rs. 613 and low of Rs. 578.