Gland Pharma Shareholders Plan To Exit By Sale Of 4.9% Stake Via Block Trade
The floor price is Rs 1,725 apiece, according to the terms of the deal.
![<div class="paragraphs"><p>Injectables manufactured by Gland Pharma Ltd. (Source: Company website)</p></div>](https://media.assettype.com/bloombergquint%2F2023-01%2Fd14d3b4f-89c2-44c2-ab1d-cd2e4ebc1427%2FInjectables_manufactured_by_Gland_Pharma_Ltd___Source_Company_website_.png?rect=0%2C49%2C1130%2C636&auto=format%2Ccompress&w=200)
Shareholders of Gland Pharma Ltd. are looking to sell 4.9% stake in the company via block trade.
Nicomac Machinery Pvt. and RP Advisory Services Pvt. plan to sell up to 4.9% stake in Gland Pharma, according to terms seen by NDTV Profit.
The base offer size is for 72.44 lakh shares (4.4%), worth Rs 1,249.7 crore on the lower end of the price range. There is an option to upsize for 8.76 lakh shares (0.53%).
The floor price is Rs 1,725 apiece, according to the terms of the deal. This represents a discount of 7.34% from Monday's closing price.
Citigroup is the sole book-runner for the deal.
Nicomac Machinery and RP Advisory Services' stake stood at 1.19% and 3.74% respectively, as of December 2023.
Ravindranath Penmetsa, former promoter of Gland Pharma, is a director in both the companies selling stake.
Shares of Gland Pharma closed 6.07% higher on Monday, as compared with gains of 0.67% on the benchmark BSE Sensex.