Nicochem Machinery will sell 24.5 million shares of Gland Pharma on the stock exchange on Thursday, accounting for about 1.5 percent of the company’s total shares.
Nicomac Machinery will sell 1.5 per cent stake in Gland Pharma tomorrow, Thursday 21st April Our partner channel CNBC-TV18 reported the news quoting sources. Sources said that Nicochem Machinery will sell 24.5 lakh shares of Gland Pharma on the stock exchange on Thursday, which is about 1.5 per cent of the total shares of the company.
According to reports, Nikochem will sell these shares at a price of Rs 3,118 per share, which is about 5 percent less than the company’s current market price. Shares of Gland Pharma rose 2.78 percent to close at Rs 3,290 on Wednesday.
Citing the terms of the agreement, the report claims, “there is an option to increase the size of the deal.” He added that the conditions included a 60-day lock-in period. This means that the buyer of these shares will not be able to sell it for the next 60 days.
Citigroup is the joint buyer of the deal, the report said.
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Earlier in the day, domestic brokerage firm Motilal Oswal, with a positive outlook for Gland Pharma shares, suggested buying with a target price of Rs 4,040. Brokerage believes the company could benefit from a drug shortage in the United States. Gland Pharma shares have fallen 15 percent so far in 2022 (YTD). Looking at the post-listing data in November 2020, the stock has risen 80%.
Motilal Oswal expects pharma company sales in the US to increase significantly on FY22-24. The brokerage said in a note that Gland Pharma FY22 received 19 ANDA (New Drug Applications for short) approvals. Through this, the company can get good profit by selling in the core market in the near future.
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