Two entities — Lakumi Trust and Nicomac Machinery — on Tuesday divested a 4.9 per cent stake in Gland Pharma for Rs 1,411 crore through open market transactions.

Lakumi Trust and Nicomac Machinery Pvt Ltd sold 81.20 lakh shares of Gland Pharma in separate bulk deals on the National Stock Exchange (NSE).

Lakumi Trust offloaded 61.65 lakh shares, while Nicomac Machinery sold more than 19.55 lakh shares, amounting to a 3.74 per cent stake and 1.18 per cent stake, respectively, in the company.

The shares were sold within the price range of Rs 1,735.31-1,739.10 per share, taking the transaction value to Rs 1,411.57 crore.

While Nicomac Machinery has reportedly sold its entire 1.18 per cent stake and exited the firm, this could not be verified. Details of the buyers of these shares were not available.

Reports had earlier said that two entities related to the former promoter of the company Ravi Penmetsa — Nicomac Machinery and RP Advisory Services — were looking to offload 4.4 per cent stake in the drug firm through block deals.

However, the stock exchange data did not show RP Advisory Services as a seller in Tuesday’s transaction.

Following the transaction, shares of Gland Pharma fell 3.28 per cent, or Rs 61.05, at Rs 1,800.65 on the BSE.

China’s Fosun Pharma is the promoter of Gland Pharma and it has a shareholding of 57.86 per cent in the company as of December 31, 2023.