Two entities ? Nicomac Machinery Private Limited and R P Advisory Services Private Limited ? are likely to sell up to 4.4% stake in Gland Pharma Limited (NSEI:GLAND) through block deals on April 9, 2024, according to news reports.

The entities are looking at raising INR 14,000 million through the sale, and have set the floor price for the same at INR 1,725 per share. The floor price is at a discount of over 7% to the current market price of the stock. On April 8, 2024, shares of Gland Pharma ended nearly 6% higher on the National Stock Exchange (NSE) at INR 1,856.

The two entities are connected to Dr. Ravi Penmetsa, who was the former promoter of Gland Pharma. As of December end, Nicomac Machinery held a 1.2% stake in the drugmaker, while RP Advisory Services held 3.74% stake. Citibank is the advisor to the secondary stake sale, according to reports.

Penmetsa will continue to have around 1% stake in the firm, reports cited.