Fosun to pare stake in Gland Pharma

New Delhi: Shanghai-based Fosun Pharmaceutical Group, the promoter of Gland Pharma in India, plans to sell up to a 5 per cent stake in the company through a block deal to raise ₹1,435 crore ($172 million), according to a term sheet reviewed by ET.

This represents the second instance where the promoter is reducing its stake in the company, following a successful initial public offering in November 2020 that raised ₹6,479 crore, including an offer for sale of ₹5,229 crore by the company's promoter.

Post-IPO, Fosun Pharma's holding decreased from 75 per cent to 58.36 per cent. According to a BSE filing, Fosun currently holds 57.86 per cent of Gland Pharma, and this is expected to decrease to 53.3 per cent after the block deal.

Fosun is offering 8.2 million shares at ₹1,750 per share, which represents a 4.9 per cent discount to Tuesday's closing price of ₹1,839. UBS is managing the deal.