Two entities likely to sell 4.4% stake in Gland Pharma via block deals: Report
Nicomac Machinery and RP Advisory Services are looking at raising Rs 1,400 crore through the sale, and have set the floor price for the same at Rs 1,725/share. The floor price is at a discount of over 7% to the current market price of the stock. On Monday, shares of Gland Pharma ended nearly 6% higher on the NSE at Rs 1,856.
MUMBAI - Two entities – and – are likely to sell upto 4.4% stake in through block deals on Tuesday, according to news reports.The entities are looking at raising Rs 1,400 crore through the sale, and have set the floor price for the same at Rs 1,725/share.
The floor price is at a discount of over 7% to the current market price of the stock. On Monday, shares of ended nearly 6% higher on the National Stock Exchange (NSE) at Rs 1,856.
The two entities are connected to Dr Ravi Penmetsa, who was the former promoter of Gland Pharma.
As of December end, Nicomac Machinery held a 1.2% stake in the drugmaker, while RP Advisory Services held 3.74% stake. Citibank is the advisor to the secondary stake sale, according to reports.
Penmetsa will continue to have around 1% stake in the firm, reports cited.
China's Fosun Pharma is the promoter of Gland Pharma and holds a 57.86% stake in the firm. Shares of Gland Pharma have gained around 48% in the last year.
Source: Stocks-Markets-Economic Times
