Gland Pharma Stake Sale: Fosun Pharma Sells 4.55% For Rs 2,121 Crore, Holding Falls Below 50%
· Free Press Journal
Mumbai: Chinese pharmaceutical major Fosun Pharma has reduced its stake in Gland Pharma after selling shares worth Rs 2,121.50 crore through block deals on the BSE.
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Fosun Pharma Industrial Pte Ltd, a promoter of Gland Pharma, sold 75.05 lakh shares across 11 tranches on Friday. The shares represented a 4.55 per cent stake in the Hyderabad-based pharmaceutical company.
Stake Falls Below 50 Percent
The transactions were executed at an average price of Rs 2,826.60 per share.
Following the sale, Fosun Pharma's holding in Gland Pharma dropped below the 50 per cent mark to 47.22 per cent from 51.77 per cent.
Several domestic mutual funds, insurance companies and foreign investors acquired shares through the transactions.
Kotak Mahindra Mutual Fund was the biggest buyer, purchasing 27.93 lakh shares, representing nearly 1.7 per cent stake, for Rs 789.47 crore.
Axis Mutual Fund acquired 13.57 lakh shares for Rs 383.57 crore, while ICICI Prudential Mutual Fund bought 10.39 lakh shares worth Rs 293.68 crore.
Institutional Investors Buy Shares
Other buyers included Aditya Birla Sun Life Mutual Fund, Mirae Asset Mutual Fund, Sundaram Mutual Fund, SBI Life Insurance, HDFC Standard Life Insurance and Kotak Mahindra Life Insurance.
Societe Generale and institutional investment fund NRSGVCC also acquired Gland Pharma shares.
Gland Pharma shares ended nearly 1 per cent higher at Rs 2,932.40 on the BSE.
Second Major Stake Sale
The transaction marks Fosun Pharma's second major stake sale in Gland Pharma in just over two years. In June 2024, it sold a 6 per cent stake for Rs 1,754 crore.
Gland Pharma Receives Tentative Approval For Angiotensin II InjectionFosun Pharma had acquired about 74 per cent of Gland Pharma in October 2017 at a valuation of up to USD 1.09 billion.
Gland Pharma reported a 47 per cent rise in consolidated net profit to Rs 317 crore for the April-June quarter. Revenue increased 19.5 per cent to Rs 1,800 crore from Rs 1,506 crore a year earlier.