Glenmark Pharmaceuticals Limited has appointed Ms. Rashmi Khandelwal as its new Company Secretary & Compliance Officer, effective May 30, 2026. The appointment follows the early retirement of Mr. Harish Kuber from the position, effective the close of business hours on May 29, 2026. The Board of Directors approved these changes during a meeting held on May 29, 2026, under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The transition in the compliance office comes as Mr. Kuber stepped down after more than nine and a half years with the company. The Board accepted his resignation, noting that he is willing to continue for a few months to ensure a smooth transition. The company has disclosed the details of the cessation and the new appointment as required under SEBI regulations.

Ms. Khandelwal brings over 17 years of post-qualification experience in corporate governance, regulatory matters, and strategic transactions. She is a qualified Company Secretary and legal professional, having previously worked with entities such as Crompton Greaves Consumer Electricals Limited, ACC Limited, Yes Bank Limited, and Vaish Associates Advocates. Her expertise includes corporate restructuring, stakeholder management, and governance transitions, including the acquisition of ACC Limited and Ambuja Cements Limited by the Adani Group.

In a separate decision, the Board appointed Mr. Samir Kazi as a Senior Management Personnel of the company. He serves as the Executive Vice President & Head Legal, Compliance & IP. Mr. Kazi has more than two decades of experience in the pharmaceutical, corporate, and consulting sectors, having previously held leadership roles at Pfizer Limited and the Hinduja Group India Pvt Ltd.

Key Appointments

Cessation Details

Glenmark Pharmaceuticals Limited has approved the transfer of its Nebulizer brands and IP portfolio to Glenmark Healthcare Limited (GHL), a wholly owned subsidiary, for a cash consideration of ₹223 Cr. The Board of Directors sanctioned the transaction on May 29, 2026, to enable sharper strategic focus and greater operational agility within the respiratory segment. This move is designed to scale the Nebulizer business, which is registering robust growth across India and Emerging Markets.

The transfer is expected to be carried out based on an Independent Valuer report, with the agreement for sale scheduled to be entered into on June 1, 2026. The company anticipates completing the disposal on or before June 30, 2026. GHL is currently establishing a new dedicated Nebulizers manufacturing facility to house these products, which will include the world's first nebulized triple therapy for Chronic Obstructive Pulmonary Disease (COPD).

Financial disclosures for the unit indicate that for the nine months ended December 31, 2025, the Nebulizer business recorded revenue of ₹71.6 Cr. This figure represented approximately 1.3% of the Company's standalone revenue for the corresponding period. As of March 31, 2026, the net worth of the GHL business was reported to be about negative ₹9.9 Cr.

The transaction qualifies as a related party transaction since GHL is a wholly owned subsidiary of Glenmark Pharmaceuticals Limited. The company confirmed that the deal is being conducted at arm's length. There will be no change in the shareholding pattern of the listed entity as a result of this transfer. GHL is engaged in the manufacturing and marketing of pharmaceutical products, with its registered office located in Andheri (East), Mumbai.

Key Transaction Details

The rationale behind the transfer centers on long-term value creation for stakeholders. By consolidating the Nebulizer portfolio under GHL, Glenmark aims to strengthen its leadership in respiratory innovation. The subsidiary will manage a portfolio of innovative nebulizers, reinforcing the company's commitment to providing advanced, affordable, and accessible solutions for patients.