Gland Pharma Stock Plunges Following Promoter Stake Sale

9 Apr 2024 , 02:49 PM

Of a block sale valued at ₹1,590 crore, about 90.8 lakh shares, or 5.5% of the stock of Gland Pharma, were exchanged on April 9 morning.

Gland Pharma’s stock fell 6% after the trade and was trading at ₹1,751 on the National Stock Exchange.

The identities of the parties to the transaction were not immediately available, but on April 8, Moneycontrol reported that Nicomac Machinery Private Ltd. and RP Advisory Services Private Ltd., two organisations associated with the company’s former promoter Dr. Ravi Penmetsa, were attempting to sell a 4.4% stake in the drugmaker through block deals.

With the transaction aiming to earn the two firms a total of ₹1,400 crore, the offer price was estimated to be at a discount of about 7 from the previous close.

According to the company’s December quarter shareholding statistics, RP Advisory Services possessed a 3.74% investment in Gland Pharma, while Nicomac Machinery owned a 1.2% stake.

Penmetsa will maintain a roughly 1% remaining ownership position in the company.

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