BENGALURU, Nov 29 (Reuters) – China’s Shanghai Fosun Pharmaceutical Group Co Ltd (600196.SS) is contemplating a sale of Indian drugmaker Gland Pharma Ltd (GLAD.NS), Bloomberg Information reported on Tuesday, citing folks accustomed to the matter.
Gland Pharma mentioned in an exchange filling that it was not conscious of any info that Fosun Pharma or its father or mother, Fosun Worldwide Ltd (0656.HK) had been contemplating the sale of its shares.
Shares of the Indian drugmaker closed 7.6% increased, marking its greatest day since July 2021.
Fosun, which holds a 57.86% stake in Gland Pharma, didn’t instantly reply to Reuters’ request for remark.
The Chinese language agency has been working with an adviser, whereas firms within the business and buyout corporations are within the early levels of learning the enterprise, in line with the report.
Fosun is but to provoke a proper sale technique of its stake in Gland Pharma, the report added.
Fosun Pharma’s debt-laden father or mother, Fosun Worldwide, which was as soon as one among China’s most acquisitive dealmakers, has executed a collection of stake reductions and gross sales this 12 months.
As of Tuesday’s shut, Gland Pharma shares had been down 51.4% for the 12 months, giving it a market worth of about $3.8 billion. The inventory is up 9.8% because it listed in November 2020.
Reporting by Nandan Mandayam and Nishit Navin in Bengaluru; Enhancing by Savio D’Souza and Eileen Soreng
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