Mumbai: Chinese pharmaceutical major Fosun Pharma has reduced its holding in Gland Pharma after selling a 4.5% stake for Rs 2,121 crore through multiple block deals on the BSE.
Fosun Pharma Industrial Pte Ltd, a promoter of Gland Pharma, sold 75.05 lakh shares across 11 transactions. The shares represented a 4.55% stake in the Hyderabad-based pharmaceutical company.
The transactions were executed at an average price of Rs 2,826.60 per share, taking the total deal value to Rs 2,121.50 crore.
Fosun Stake Falls Below 50%
Following the sale, Fosun Pharma’s holding in Gland Pharma declined to 47.22% from 51.77%, taking its stake below the 50% level.
Several domestic mutual funds, insurance companies and foreign investors purchased shares through the transactions.
Kotak Mahindra Mutual Fund was the largest buyer, acquiring 27.93 lakh shares, or nearly 1.7% stake, for Rs 789.47 crore.
Axis Mutual Fund purchased 13.57 lakh shares for Rs 383.57 crore, while ICICI Prudential Mutual Fund acquired 10.39 lakh shares worth Rs 293.68 crore.
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 participated in the transaction.
Gland Pharma Shares Rise
Gland Pharma shares ended nearly 1% higher at Rs 2,932.40 apiece on the BSE following the block deals.
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The company recently reported a 47% year-on-year rise in consolidated net profit to Rs 317 crore for the April-June quarter, compared with Rs 215 crore a year earlier.
Revenue from operations increased 19.5% to Rs 1,800 crore from Rs 1,506 crore.
This marks Fosun Pharma’s second major stake reduction in Gland Pharma in just over two years. In June 2024, it sold a 6% stake for Rs 1,754 crore.
Fosun’s subsidiary had acquired about 74% of Gland Pharma in October 2017.
