HSBC Global (Singapore) hikes stake in Glenmark to 5%

MUMBAI: Drug maker Glenmark Pharmaceuticals on Tuesday said HSBC Global Asset Management (Singapore) has hiked its stake to 5.01 per cent for an estimated Rs 2.75 crore through an open market transaction.

In a disclosure to the Bombay Stock Exchange, Glenmark Pharma said the foreign fund house has purchased 2.18 lakh shares in the company, through an open market transaction, on March 12.

Calculated on the basis of the closing price of Glenmark on March 12, the transaction would have cost Rs 2.75 crore to the fund house.

Prior to the aforesaid purchase, HSBC Global Asset Management (Singapore) held 4.93 per cent stake, which increased to 5.01 per cent constituting 1.25 crore shares in Glenmark Pharma. Shares of Glenmark Pharma settled at Rs 143.10, down 3.90 per cent on the BSE.