Government stake sale collection | Image:Unsplash
Stake sale: Lakumi Trust and Nicomac Machinery have offloaded a combined 4.9 per cent stake in Gland Pharma, fetching Rs 1,411 crore through open market transactions. This strategic divestment, executed via bulk deals on the National Stock Exchange (NSE), underscores shifting dynamics in the pharmaceutical sector.
Lakumi Trust sold 61.65 lakh shares, while Nicomac Machinery offloaded over 19.55 lakh shares of Gland Pharma, marking a 3.74 per cent and 1.18 per cent stake respectively in the company. The sale was conducted within the price range of Rs 1,735.31-1,739.10 per share, reflecting evolving market sentiments and investor strategies.
Nicomac Machinery has completely exited its position in Gland Pharma, signalling a strategic shift in its investment portfolio. Details regarding the buyers of the divested shares remain undisclosed, leaving room for speculation within the investment community.
Gland Pharma’s stock witnessed a 2.83 per cent decline, closing at Rs 1,807 apiece on the NSE post-transaction, reflecting investor reaction to the divestment news. Chinese pharmaceutical giant Fosun Pharma retains its dominant position as the promoter of Gland Pharma, holding a significant 57.86 per cent stake in the company.
With PTI Inputs
