BAJAJ BROKING
Fosun Pharma will reduce its stake in Gland Pharma by selling 5% for $172 million. The sale price is set at ₹1,750 per share, at a 4.9% discount. Fosun's stake will decrease from 58% to approximately 53.3%. Further sales are anticipated.
Fosun Pharma Industrial Pte, a subsidiary of Shanghai Fosun Pharmaceutical Group, is set to decrease its ownership in India’s Gland Pharma Ltd.
The reduction comes through block deals after failing to sell the stake in a single transaction. Fosun Pharma aims to sell 5% of Gland Pharma, amounting to about $172 million.
The terms of the deal reveal that Fosun Pharma will offer 8.2 million shares at a floor price of ₹1,750 per share, which represents a 4.9% discount compared to the last closing price of ₹1,839.
UBS is managing the deal, expected to decrease Fosun’s stake from 58% to approximately 53.3%.
Exlpore:Gland Pharma Limited Share Price
Fosun Pharma plans additional block sales in the coming months to strengthen its balance sheet, unless buyout firms present a compelling offer.
High valuation expectations from Fosun have reportedly hindered potential sales to private equity firms.
Fosun Pharma originally acquired a 74% stake in Gland Pharma in 2017 for about $1.1 billion from a group including KKR & Co.
Over the past year, Gland Pharma’s shares have risen by 82%, despite being over 55% lower than their 2021 peak.
This block sale marks the second major reduction in Fosun Pharma's stake in Gland Pharma following a successful IPO in November 2020, which raised ₹6,479 crore, including an offer for sale worth ₹5,229 crore by Fosun.
The IPO decreased Fosun’s holding from 75% to 58.36%. As of a recent BSE filing, Fosun Pharma’s stake stood at 57.86%.
Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.
This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
For All Disclaimers Click Here: https://bit.ly/3Tcsfuc
Share this article:
Share Market Today | Gift Nifty Signals 100-Point Gap Down, Nifty to Consolidate
06 Sep, 2024 | 4 Min. read
KEC International Secures ₹1,423 Cr Transmission Line Order in Saudi Arabia
06 Sep, 2024 | 1 Min. read
Ashoka Buildcon’s Viva Highways Monetises Pune Land for ₹453 Crore
06 Sep, 2024 | 2 Min. read
Peak Partners To Sell 11% Stake in Indigo Paints via Block Deal
06 Sep, 2024 | 2 Min. read
US Initial Jobless Claims Drop to 227,000 in August.
06 Sep, 2024 | 1 Min. read
Commodities Market Today | WTI Crude Steady at $69.18, Gold Rises 0.8% to $2,546
06 Sep, 2024 | 1 Min. read
Gold Rate Today | Gold Rises 0.8% to $2,546, Silver Gains 2% to $29.14
06 Sep, 2024 | 2 Min. read
Vodafone Idea Share Price Falls 11% After Goldman Sachs Report
06 Sep, 2024 | 1 Min. read
Suzlon Energy Share Price Rises After Corporate Office Sale
06 Sep, 2024 | 1 Min. read
Why is the Stock Market Down Today? Key Factors Explained
06 Sep, 2024 | 1 Min. read
Sona BLW Precision Forgings Plans ₹2,400 Crore QIP at ₹675-700 per Share
05 Sep, 2024 | 1 Min. read
Commodities Market Today | Crude Oil Drops, Brent Hits Low; Gold and Silver Rise
05 Sep, 2024 | 1 Min. read
Analysis to Become a Pro Investor
28 Dec, 2023 | 4 Min. read
Women In Real Estate Investing (Investree)
28 Dec, 2023 | 5 Min. read
How To Check Prudent Corporate Advisory IPO Allotment Status
27 Dec, 2023 | 3 Min. read
How To Boost Credit Score? – Steps to Improve Creditworthiness
27 Dec, 2023 | 4 Min. read
Advantages and Disadvantages of Opening Multiple Demat Accounts
26 Dec, 2023 | 4 Min. read
7th CPC LTC: Leave Travel Concession Rules for Central Government Employees
26 Dec, 2023 | 4 Min. read
7th Pay Commission: House Building Advance (HBA) Interest Rate FY 2023-24
26 Dec, 2023 | 5 Min. read
The Future of Trading: Exploring Bajaj Broking’s Demat Features
26 Dec, 2023 | 6 Min. read
7th Central Pay Commission Cpc Fitment Table
23 Dec, 2023 | 7 Min. read
Level up your stock market experience: Download the Bajaj Broking App for effortless investing and trading