Shares of Gland Pharma Ltd were trading in the red and 3% lower on 19 June after 1.02 crore shares of the company changed hands via a block deal. 

During the early trading hour, around 1.02 crore shares, representing 6.2% equity, of Gland Pharma changed hands on the exchanges, taking the total transaction at Rs 1,815 crore. 

On Tuesday, 18 June, Fosun Pharma Industrial Pte announced that they were looking to sell 8.2 million shares through a block offer.

The report states that the floor price was Rs 1,750 per share, which was 4.9% less than Gland Pharma’s Tuesday closing price. The post goes on to say that the seller is a division of Shanghai Fosun Pharma (Group) Co. Any additional share sales are subject to a ninety-day lock-in term.

Fonsum acquired a 74% stake in the company in 2017 for a total consideration of $1.1 billion from the investor group that included KKR. 

Gland Pharma was listed in November 2020, raising Rs 6,499 crore through its IPO. Of this amount, Rs 1,944 crore was secured from 70 anchor investors. The issue price was set at  Rs 1,500, and the stock debuted with a 14% premium. 

The shares of the company hit a 52-week low of Rs 971.6 in June 2023 and since then the stock has gained more than 89%. Currently the stock is trading 16% away from its 52-week high of Rs 2,195 per share. 

At 12:22 pm, the shares of Gland Pharma were trading 1.72% lower at Rs 1,808 on NSE.