Block Deal Alert: Gland Pharma’s Share Price Falls Over 6% In Morning Trade

Gland Pharma Limited, the prominent pharmaceutical player, witnessed an approximately 6.26% drop in its shares today, prompted by a block deal that occurred during the morning session.

Gland Pharma has grown from a contract manufacturer of small-volume liquid parenteral products to one of the largest and fastest-growing injectable-focused companies, with a global footprint across 60 countries.

Block Deal

Today, Gland Pharma took center stage during the morning session as around 90.8 lakh shares, valued at Rs 1,590 crore, changed hands in the block deal. This transaction represents 5.5% of the total equity.

The identities of the buyers and sellers in the deal are not officially disclosed. On Monday, April 8, sources reported that Nicomac Machinery Private Limited and RP Advisory Services Private Limited (acting on behalf of Lakshmi Trust) were likely to sell 4.4% of the equity in drug firm Gland Pharma for Rs 1,400 crore through a block deal.

The floor price for the sale had been set at Rs 1,725 per share, representing a 7.34% discount to Monday’s closing price. Sources also said that the base size of the offering stood at Rs 1,249.7 crore, with an option to scale it up by an additional Rs 151.1 crore.

As of the current holding, Promoter holds 57.86%, FIIs and DIIs hold 4.05% and 24.17% respectively and the public holds 13.93% stakes in the company.

Share Performance

On Monday, the Gland Pharma stock closed in the green, up by 6.07% at Rs 1861.70 per share on the BSE. Today, it opened at Rs 1775 per share and reached highs and lows of Rs 1782.85 and Rs 1745.15 per share, currently trading at around Rs 1786 per share, reflecting a 4.07% decline from the previous day’s closing levels of Rs 1861.70 per share on the BSE.

The company’s current market capitalisation stands at Rs 29,433.77 crore. Over the last three months, it has yielded negative returns, whereas it has delivered an approximately 42% return in the past year.

Investors must keep this stock on their radar.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.