Fosun Pharma, one of the key promoters of Gland Pharma, has divested a substantial 6 per cent stake in the company through an open market transaction.
Chinese pharmaceutical giant Fosun Pharma, operating via its subsidiary Fosun Pharma Industrial Pte, executed the sale through a significant bulk deal on the BSE. Specifically, Fosun Pharma Industrial Pte relinquished 99 lakh shares, representing a 6 per cent stake in the Hyderabad-based Gland Pharma.
The shares were sold at an average price of Rs 1,771.81 each, culminating in a deal valued at Rs 1,754.09 crore. As a result of this transaction, Fosun Pharma's ownership in Gland Pharma has reduced from 57.86 per cent to 51.86 per cent. Meanwhile, UBS Principal Capital Asia acquired 8.25 lakh shares, resulting in a 0.5 per cent ownership in Gland Pharma, at an average purchase price of Rs 1,771.05 per share, translating to a total investment of Rs 146.11 crore.
Gland Pharma develops, manufactures and markets complex injectables. The company sells its products primarily under a business-to-business model in many countries.
