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Ex-Gland Pharma promoter cashes out $150 million in block sale

9 Apr 2024 , 10:49 AM

According to a Moneycontrol report, two organisations connected to Dr. Ravi Penmetsa, the former promoter of Gland Pharma, Nicomac Machinery Private Ltd. and RP Advisory Services Private Ltd., have initiated a $150 million block deal with an option to sell a larger stake in the drugmaker.

“The block deal has been launched at a floor price of ₹1,725/share which is a 7.34% discount to the firm’s closing price on April 8, ₹1,861.70/share,” stated a person higher up.

A second source told Moneycontrol, “The entire offer size is approximately $150 million with an option to upsize by $18 million.”

A third source affirmed the information provided above and stated that investment bank Citi is the trade advisor, with a roughly 4.4% to 5% interest that is meant to be sold through the deal.

According to this person, Dr. Ravi Penmetsa will still hold a roughly 1% remaining stake in the company.

Under the condition of anonymity, the three individuals mentioned above spoke with Moneycontrol. Moneycontrol has looked over a copy of the termsheet for the deal.

Gland Pharma is promoted by Fosun Pharma, a Chinese company that owns 57.86% of the company. Over the past year, the company’s stock price has increased by 47.18%.

At the moment, 4.93% of Gland Pharma is owned by Nicomac Machinery Private Ltd and RP Advisory Services Private Ltd.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • Dr. Ravi Penmtsa
  • Gland Pharma
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