Two entities sell 4.9 pc stake in Gland Pharma for Rs 1,411 cr
Two entities sell 4.9 pc stake in Gland Pharma for Rs 1,411 cr
![Two entities sell 4.9 pc stake in Gland Pharma for Rs 1,411 cr](https://devdiscourse.blob.core.windows.net/imagegallery/27_06_2019_15_04_07_0802794.jpg)
- Country:
- India
Two entities -- Lakumi Trust and Nicomac Machinery -- on Tuesday divested a 4.9 per cent stake in Gland Pharma for Rs 1,411 crore through open market transactions.
Lakumi Trust and Nicomac Machinery Pvt Ltd disposed of 81.20 lakh shares of Gland Pharma in separate bulk deals on the National Stock Exchange (NSE). As per the data on the NSE, Lakumi Trust offloaded 61.65 lakh shares of Gland Pharma and Nicomac Machinery sold more than 19.55 lakh shares, amounting to a 3.74 per cent stake and an 1.18 per cent stake in the company.
The shares were sold within the price range of Rs 1,735.31-1,739.10 apiece, taking the transaction value to Rs 1,411.57 crore.
After the latest transaction, Nicomac Machinery sold its entire 1.18 per cent stake and exited the firm.
Details of the buyers of Gland Pharma's shares could not be ascertained.
Shares of Gland Pharma fell 2.83 per cent to close at Rs 1,807 apiece on the NSE.
China's Fosun Pharma is the promoter of Gland Pharma and holds a 57.86 per cent stake in the firm.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Ukraine Urges NATO for Unlimited Weapon Use, China Criticizes NATO's Bias
China Rebukes NATO's Belligerent Rhetoric in Washington Summit Declaration
Intensifying Global Tensions: NATO's 75th Anniversary and China's Strategic Maneuvers
China Rebukes NATO Summit's Criticism on Ukraine Stance
China and Saudi Arabia: Strengthening Economic Ties