Nicomac Machinery will sell 1.5 percent of the shares in Gland Pharma through block transactions on April 21, CNBC TV18 reported Sources.

Investors sell around 2.45 million shares in the company, which accounts for around 1.5 percent of the total outstanding shares, said the report, citing the provisions of the agreement.

The price of the floor has been reported set at RS 3.118 per share. It marks a discount of about five percent, compared to the stock price of Gland Pharma in the market closing market on April 20.

The report citing the provisions of the agreement claim that “there is an option to increase the agreement”. They then add that this provision includes 60 days lockers on the seller.

Citigroup is a shared bookkeeping for block transactions, the report notes.

The news was shortly after the Motilal Oswal stock trading platform projected a positive prospect for the pharma gland. “We appreciate the gland at 35x 12 months in the next P / E to arrive at our TP of 4.040 , C) the portfolio, d) strong cash pillows for inorganic growth, and e) consistent compliance, “he said.

Motilal Oswal further notes that glands have 11 injection products in USFda – American drug regulators – a list of shortcomings, which have combined sales of USD400 million for the past 12 months. “The total number of drugs that lack deficiencies in the US has decreased to the lowest level of 15 years today. However, the number of injections facing its shortcomings is at an average of 20 years, but at a high record of the total lack of drugs. Among the Indian players Present in the US, the glands seem to be the biggest beneficiaries of drug shortages due to compliance and production capacity / manufacturing capabilities that are consistent, “he added.