Gland Pharma rebounded on Friday, trading up 2% at Rs 2,947.30 after slipping earlier due to a large block deal.

Here’s what happened. Around 75 lakh shares, roughly 4.5% of the company’s equity, changed hands through a block deal window on Friday morning.

That’s a fairly large chunk of stock moving in one go, and it initially spooked the market, sending shares lower right after the opening bell.

The likely seller behind this transaction is Fosun Pharma Industrial, the company’s promoter and largest shareholder. Fosun currently holds a 51.77% stake in Gland Pharma.

Reports on Thursday had already flagged that Fosun was planning to sell up to 5% of its holding, valued at around Rs 2,279.5 crore, with the floor price for the deal set at Rs 2,763 per share.

Based on early estimates, the actual transaction value works out to roughly Rs 2,100 crore.

While the seller’s identity looks fairly certain, it’s still not clear who bought the shares on the other side of this deal.

This development comes on the back of some solid operational news for the company.

Just earlier this week, Gland Pharma said the US drug regulator had wrapped up an inspection at its sterile oncology and API manufacturing facilities in VSEZ, and importantly, found zero observations.

The inspection ran between 24 August and 1 September. The company’s numbers have also been strong lately.

For the June quarter, Gland Pharma’s net profit rose 47.1% to Rs 317 crore, while revenue grew 19.6% to Rs 1,800.2 crore compared to the same period last year.

Coming to where the stock stands right now, Gland Pharma is trading at Rs 2,947.30 on the NSE, up 1.35% or Rs 39.40 from Thursday’s close of Rs 2,907.90.

The stock has climbed nearly 14% over the past month and is now up over 71% since the start of the year.

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