Gland Pharma Shareholders Plan To Exit By Sale Of 4.9% Stake Via Block Trade

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.