New Delhi: Based in Shanghai Fosun Pharmaceutical GroupThe Promoter Of Gland Pharma In India, there are plans to sell up to 5 percent stake in the company. Block Deal To raise Rs 1,435 crore ($172 million), according to a term sheet reviewed by ET.

This is the second instance where the promoter is reducing his stake in the company, after a successful initial public offering in November 2020 that raised Rs 6,479 crore, including offer for sale ₹5,229 crore was invested by the promoter of the company.

After the IPO, Fosun Pharma’s stake declined from 75 per cent to 58.36 per cent. Fosun currently holds 57.86 per cent stake, according to a BSE filing. Gland PharmaAnd after the block deal, it is expected to decline to 53.3 per cent.

Fosun is offering 8.2 million shareThe deal is at ₹1,750 per share, down 4.9 per cent from Tuesday’s close of ₹1,839. UBS is managing the deal.