Block deal in Gland Pharma as ex-promoter offloads stake worth Rs 1,590 crore

Around 90.8 lakh shares, making up 5.5 percent equity, in Gland Pharma changed hands in a block deal worth Rs 1,590 crore on April 9 morning.

Following the trade, shares of Gland Pharma tanked 6 percent and  were trading at Rs 1,751 on the National Stock Exchange.

The identify of the parties involved in the transaction couldn't be ascertained immediately but Moneycontrol reported on April 8 that two entities connected to the former promoter of the company Dr Ravi Penmetsa, namely Nicomac Machinery Private Ltd and RP Advisory Services Private Ltd, were looking to unload a 4.4 percent stake in the drugmaker through block deals.

The offer price for the transaction was expected to be at a discount of around 7 from the previous close, with the transaction aimed to earn the two entities a total of Rs 1,400 crore.

Nicomac Machinery held a 1.2 percent stake in Gland Pharma, while RP Advisory Services owned a 3.74 percent stake in Gland Pharma, the company's December quarter shareholding data show.

Penmetsa will continue to have around a percent balance stake in the firm.

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