Home / Markets / Stock Markets /  Small cap pharma stock to turn ex-dividend tomorrow, to pay 10.5 per share dividend

Leading developer and manufacturer of Active Pharmaceutical Ingredients (APIs), Glenmark Life Sciences shares will turn ex-dividend tomorrow ahead of the record date. The company will pay a final dividend to the tune of 525% to eligible shareholders for fiscal FY22. On Wednesday, the small-cap shares were under pressure amid a broader bearish market tone.

Glenmark Life Sciences shares settled at 437.25 apiece down by 1.5% on BSE. The shares have touched an intraday high and low of 442.35 apiece and 436.50 apiece respectively.

At the closing price, the company's market cap is around 5,357.50 crore.

Glenmark plans to pay a final dividend of 10.50/- (Gross) per equity share of the face value of 2 each for the financial year ending March 31, 2022 period. That said, the final dividend is 525% for the fiscal.

To determine the eligible shareholders for the dividend benefit, Glenmark Life Sciences in its AGM notice said, "payable to those Members whose names appear in the Register of Members and list of beneficial owners at the close of business hours on Friday, 16 September 2022."

Thereby, Glenmark Life Sciences shares will turn ex-dividend on September 15.

The final dividend once approved by the Shareholders will be paid on or after 28 September 2022. The final dividend, if approved in the AGM, will result in an outflow of 128.66 crore.

The company is scheduled to hold its 11th annual general meeting (AGM) on September 26.

The total dividend for FY22 including the proposed final dividend is 21 per equity share. In November last year, the company declared an interim dividend of 10.5 per equity share.

In the annual report for FY22 released last month, Yasir Rawjee Managing Director & CEO along with V. S. Mani Director of the company over the future plan of expansion said, "initiated projects to enhance the existing production capacities at Ankleshwar facility during FY22 and Dahej facility during FY22 and FY23 by an aggregate annual total installed capacity of 640 KL."

"This additional production capacity is expected to help further expand the generic API production and also grow the oncology product pipeline," the duo said.

According to the board of directors, the company intends to develop a new Greenfield manufacturing facility on a 40-acre footprint in Solapur, India from FY23, which is expected to become operational in Q3 FY25. The new facility will provide a platform for the growth of CDMO business and also add capacity for generic API business.

Glenmark Life Sciences are in the business of making high-quality drugs by unlocking the possibilities of science. The company works with 16 of the 20 largest generic companies globally.

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