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Shares of Gland Pharma slipped 7 per cent to Rs 1,735.05 on the National Stock Exchange (NSE) in Tuesday’s intraday trade after over 5 per cent of total equity of the drug company changed hands on the counter. The stock had hit a 52-week high of Rs 2,195.75 on February 7, 2024.
Besides, a combined 12.09 million shares had changed hands on the NSE and BSE till the time of writing of this report. In comparison, the Nifty 50 was up 0.32 per cent at 22,738.
The offer price for the transaction was expected to be at a discount of around 7 from the previous close, with the transaction aimed to earn the two entities a total of Rs 1,400 crore.
Nicomac Machinery held a 1.2 per cent stake in Gland Pharma, while RP Advisory Services owned a 3.74 per cent stake in Gland Pharma, the company’s December quarter shareholding data show.
Penmetsa will continue to have around a percent balance stake in the firm.
