Bulk deals: Lakumi Trust and Nicomac Machinery divest 4.9% stake in Gland Pharma for ₹1,411 crore
₹1,411 crore via open market transactions on Tuesday. This divestiture entailed the sale of 81.20 lakh shares of Gland Pharma through separate bulk deals on the National Stock Exchange (NSE). As per NSE data, Lakumi Trust divested 61.65 lakh shares of Gland Pharma, while Nicomac Machinery sold more than 19.55 lakh shares, equating to a 3.74 percent and a 1.18 percent ownership stake in the company, respectively.
Also read: 23,000 or 25,000? Here's where experts see Indian benchmark Nifty 50 by FY25-end The shares were traded within the price bracket of ₹1,735.31 to ₹1,739.10 per share, resulting in a total transaction value of ₹1,411.57 crore. Following this transaction, Nicomac Machinery divested its complete 1.18 percent stake in the company and withdrew its investment. Information regarding the purchasers of Gland Pharma's shares remains undisclosed.
Gland Pharma's shares dipped by 2.83 per cent, settling at ₹1,807 each on the NSE at closing on April 9. Among other deals, TPG Asia VII SF PTE divested 56.54 lakh shares, equivalent to a 1.93 percent stake in Five Star Business Finance, at an average price of ₹752.02. Previously, as of December 2023, TPG Asia maintained an 11.22 percent ownership in the company.
In Nirlon, Sadafuli Finvest, a promoter entity, offloaded 9,07,302 shares, amounting to a 1.01 percent stake, at an average price of ₹430. Meanwhile, ICICI Prudential Mutual Fund acquired 9,07,000 shares at the same price of ₹430 per share. Also read: Reliance: 3 key reasons why Morgan Stanley is overweight on conglomerate During the session, Edelweiss Financial Services saw 53.24 lakh shares traded, representing a 0.56 percent stake in the company.
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