The shares of Gland Pharma Limited lowered by 7% on April 9, on a block deal that took place where 90.8 lakh shares, or 5.5% equity, of Gland Pharma worth Rs 1,590 crore changed hands. However, the official buyers and sellers of the block deal were yet to be discovered.

On April 8, a news report by sources mentioned that Nicomac Machinery Private Ltd and RP Advisory Services Private Ltd (acting on behalf of Lakshmi Trust) were planning to sell 4.4% of the equity in Gland Pharma Ltd through a block deal for Rs 1,400 crore.

According to the report, the sale price of Rs 1,725 per share was 7.34% less than the closing price on Monday. Sources also mentioned that the offering’s base size was Rs 1,249.7 crore, with an option to increase it by Rs 151.1 crore. Citigroup was the sole book runner for the transaction, and the residual stake has a lock-in period of 60 days.

In the December quarter, Gland Pharma reported a 17.3% decline in net profit at Rs 191.9 crores compared to the previous year’s Rs 231.9 crores. However, their revenue from operations increased 64.7% to Rs 1,545.2 crore against Rs 938.3 crore in the corresponding period of the preceding fiscal year. 

At the operating level, their earnings before interest, tax, depreciation, and amortisation (EBITDA) increased 23.1% to Rs 356.4 crore in the December quarter from the previous year’s Rs 289.6 crore. The EBITDA margin stood at 23.1% in the third quarter compared to 30.9% in the corresponding period in the last fiscal year.

At  3:03 pm, the shares of Gland Pharma were trading 3.20% lower at Rs 1,800.10 on NSE.