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 -- 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.)