त्वत्तीरे मणिकर्णिके हरिहरौ सायुज्यमुक्तिप्रदौवादन्तौ कुरुतः परस्परमुभौ जन्तोः प्रयाणोत्सवे ।मद्रूपो मनुजोऽयमस्तु हरिणा प्रोक्तः शिवस्तत्क्षणा-त्तन्मध्याद्भृगुलाञ्छनो गरुडगः पीताम्बरो निर्गतः ॥
In plain words
On your bank, O Maṇikarṇikā, Hari and Hara—both givers of the highest liberation—meet at the final departure of a living being. The verse pictures their divine exchange, and then the yellow-robed, Garuḍa-riding Lord, marked by Bhṛgu, emerging at once from their midst.
Close to the Sanskrit
On your bank, O Maṇikarṇikā, Hari and Hara, both bestowers of sāyujya-liberation, engage with one another at the occasion of a creature's departure. ‘Let this man be of my form’—with this spoken by Hari, Śiva is named in the supplied construction; at that very moment, from their midst emerges the one bearing Bhṛgu's mark, riding Garuḍa and clothed in yellow.