Bulk deals: Promoter entity offloads stake in Gland PharmaMoneycontrol • 17 days ago
Nicomac Machinery Private Ltd, an entity connected to the former promoter of the company Dr Ravi Penmetsa, sold its entire 19.55 lakh shares, a 1.19 percent stake at an average price of Rs 1735.31.
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Nicomac Machinery Private Ltd and RP Advisory Services Private Ltd, the two entities linked to the former promoter of Gland Pharma, were looking to unload a 4.4 percent stake in the drug manufacturer
The floor price, which is at a discount of 7.3 percent, is likely to be at Rs 1,725 per share
Gland Pharma Share Price: The share price has gained 70 percent over the last 9 months.
Motilal Oswal is bullish on Gland Pharma recommended buy rating on the stock with a target price of Rs 2240 in its research report dated March 20, 2024.
Gland Pharma's revenue came in at Rs 1,545.2 crore, up 65 percent from the year-ago quarter