Fosun to pare stake in Gland Pharma

ET Intelligence Group: Shanghai-based Fosun Pharmaceutical Group, the promoter of Gland Pharma in India, plans to sell up to a 5% 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% to 58.36%. According to a BSE filing, Fosun currently holds 57.86% of Gland Pharma, and this is expected to decrease to 53.3% after the block deal.

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