Chinese pharma major sells 4.55% Gland Pharma stake for ₹2,121cr
What's the story
Fosun Pharma, a leading Chinese pharmaceutical company, has sold a 4.55% stake in Hyderabad-based Gland Pharma for ₹2,121.50 crore. The sale was executed through multiple block deals on the Bombay Stock Exchange (BSE). Fosun Pharma Industrial Pte Ltd, one of the promoters of Gland Pharma, sold 75,05,500 shares in 11 tranches at an average price of ₹2,826.60 per share.
Shareholding
Other participants in the deal
The stake sale has reduced Fosun Pharma's shareholding in Gland Pharma from 51.77% to 47.22%.
A number of domestic mutual funds, insurance companies, and foreign investors bought the shares at the same price.
Kotak Mahindra Mutual Fund was the largest buyer, acquiring nearly 1.7% (27.93 lakh shares) for ₹789.47 crore, while Axis Mutual Fund bought 13.57 lakh shares for ₹383.57 crore, and ICICI Prudential Mutual Fund purchased 10.39 lakh shares worth ₹293.68 crore in the deal.
Financial growth
Gland Pharma's Q1 results show significant growth
Gland Pharma's shares closed nearly 1% higher at ₹2,932.40 apiece on the BSE on Friday.
The company reported a 47% increase in its consolidated net profit to ₹317 crore for the April-June quarter, up from ₹215 crore last year.
Its revenue from operations also grew by 19.5% to ₹1,800 crore during this period, compared to ₹1,506 crore a year ago.