1 hr ago
Fosun Pharma Stake Sale Takes Holding Below 50%
Fosun Pharma sold part of its ownership in Gland Pharma.
The sale involved 4.55% of Gland Pharma and was worth Rs 2,121.50 crore.
After selling the shares, Fosun Pharma owned 47.22% instead of 51.77%.
Several mutual funds, insurance companies and foreign investors bought the shares.
Kotak Mahindra Mutual Fund bought the largest portion.
Gland Pharma’s share price ended slightly higher after the transactions.
The company also reported higher profit and revenue for the April-June quarter.
This was Fosun Pharma’s second major sale of Gland Pharma shares in just over two years.
Fosun Pharma sold 75.05 lakh Gland Pharma shares, representing a 4.55% stake, for Rs 2,121.50 crore.
The shares were sold through 11 block-deal transactions on the BSE at an average price of Rs 2,826.60 each.
Fosun Pharma’s holding fell to 47.22% from 51.77% after the sale.
Kotak Mahindra Mutual Fund was the largest buyer, acquiring nearly a 1.7% stake for Rs 789.47 crore.
Gland Pharma shares closed nearly 1% higher at Rs 2,932.40, while quarterly net profit rose 47% to Rs 317 crore.
- Who
- Fosun Pharma Industrial Pte Ltd sold shares of Gland Pharma to institutional investors, including mutual funds, insurers and foreign investors.
- What
- A 4.55% stake in Gland Pharma was sold for Rs 2,121.50 crore through block deals.
- Where
- The transactions were executed on the BSE, involving Hyderabad-based Gland Pharma.
- When
- The transactions took place on Friday; the articles do not specify the calendar date.
- Why
- Fosun Pharma reduced its ownership in Gland Pharma; the articles do not state a specific reason for the sale.
Key facts
- Stake sold
- 4.55%, or 75.05 lakh shares
- Transaction value
- Rs 2,121.50 crore
- Average sale price
- Rs 2,826.60 per share
- Fosun Pharma holding after sale
- 47.22%, down from 51.77%
- Largest buyer
- Kotak Mahindra Mutual Fund, which acquired 27.93 lakh shares for Rs 789.47 crore
- Gland Pharma closing price
- Rs 2,932.40, nearly 1% higher
- April-June net profit
- Rs 317 crore, up 47% year over year
Sources
Related news
Morgan Advanced Materials Exits Foseco India With Rs 678-Crore Sale
TPG, Temasek Sell 12.64% Stake in Dr Agarwals Health Care
TPG Sells 6.66% Aster DM Quality Care Stake
SoftBank Sells Second Lenskart Stake Worth ₹2,888 Crore
Paytm Parent Sees Rs 2,949-Crore Block Stake Sale
Blackstone exits EPL through Rs 2,032 crore stake sale
NSE IPO Nears Historic Listing Amid Self-Trading Debate
Tata Sons Chairman Race Narrows to Three Reported Contenders
NSE Wins Sebi Approval for Second-Biggest IPO After Jio Platforms
Experts Propose Hybrid Settlement to Curb Closing Auction Volatility
