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Ahead of Gland Pharma IPO, ED wants Raju family's 3.87% stake transferred to it

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Gland Pharma said the attached shares of Raju’s family represent 3.87% of its pre-offer paid up equity share capital and are currently held by 10 companies which “are not related to our company, our promoters, our promoter group, our directors or our key managerial personnel”.

Synopsis

The development comes nearly a decade after ED ordered Gland Pharma management to attach 600,000 shares held by 10 companies belonging to Raju’s family, in connection with the country’s largest accounting fraud at software firm Satyam Computers, now merged into Tech Mahindra.

Ahead of India’s largest initial public offering by Chinese pharmaceutical giant Shanghai Fosun Pharma-controlled Gland Pharma to raise Rs 6,000 crore, premier investigating agency Enforcement Directorate has directed the company to transfer to it 3.87% equity held by tainted entrepreneur Ramalinga Raju’s family.The development comes nearly a decade after ED ordered Gland Pharma management to attach 600,000 shares held by 10 companies belonging

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