Fosun Pharma to buy 74% stake in Gland for $1.09 billion

Agrees to cut size of stake in Hyderabad-based injectable maker to 74%, after earlier proposal to acquire 86% met approval roadblock

Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it would buy in Hyderabad-based injectable maker Gland Pharma to 74 per cent in a revised $1.09-billion (around Rs 6,900 cr) deal after its earlier proposal to acquire 86 per cent met approval roadblock. 

In a statement to Hong Kong stock exchange on Sunday, Fosun said its board had approved the new plan, which would involve an investment of no more than $1.09 billion. It has also delayed the closing date for the deal to October 3, from September 26.

Under government norms, foreign investment of up