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

Nicomac Machinery Private Ltd and RP Advisory Services Private Ltd, the two entities linked to the former promoter of Gland Pharma, were looking to unload a 4.4 percent stake in the drug manufacturer

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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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