New Delhi, Jun 19 (PTI) Fosun Pharma, one of the promoters of Gland Pharma, on Wednesday divested a 6 per cent stake for Rs 1,754 crore through an open market transaction.

Chinese drug firm Fosun Pharma, through its arm Fosun Pharma Industrial Pte, offloaded the shares of Hyderabad-based Gland Pharma through a bulk deal on the BSE.

Also Read | Railway Recruitment 2024: RRB Releases Notification for 7,911 Posts, Know Eligibility Criteria and How to Apply.

According to the bulk deal data available on the BSE, Fosun Pharma Industrial Pte disposed of 99 lakh shares or a 6 per cent stake in Gland Pharma.

The shares were sold at an average price of Rs 1,771.81 apiece, taking the deal size to Rs 1,754.09 crore.

Also Read | PM Kisan Samman Nidhi Yojana: PM Narendra Modi Releases Rs 20,000 Crore, Know Steps to Check Beneficiary Status and Reasons for Rejection.

After the stake sale, Fosun Pharma's shareholding in Gland Pharma has declined to 51.86 per cent from 57.86 per cent.

Meanwhile, UBS Principal Capital Asia picked up 8.25 lakh shares, amounting to a 0.5 per cent stake in Gland Pharma.

The shares were purchased at an average price of Rs 1,771.05 per piece, taking the transaction value to Rs 146.11 crore.

Details of the other buyers of Gland Pharma's shares could not be ascertained.

Shares of Gland Pharma fell 0.65 per cent to close at Rs 1,826.60 apiece on the BSE.

In October 2017, Fosun Pharma acquired approximately 74 per cent of Gland Pharma at a valuation of not more than USD 1.09 billion.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)