Fosun Pharma Industrial Pte Ltd. will cut its stake in India?s Gland Pharma Limited (NSEI:GLAND) through block deals after being unable to offload it in one go. The company will sell 5% in the drugmaker for about $172 million through block trade, according to terms of the deal obtained by Bloomberg News. It has offered 8.2 million shares with the floor price set at INR 1,750 apiece, a 4.9% discount to the last close.

Fosun Pharma, a wholly owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (SHSE:600196), holds about 58% of Gland Pharma, which has a market value of INR 303 billion ($3.6 billion). It will carry out more block sales in the coming months to shore up its balance sheet unless buyout firms make an offer, according to people familiar with the matter.

Fosun Pharma?s high valuation expectations for Gland Pharma have been a hurdle to a potential sale to private equity firms, they said, asking not to be identified discussing confidential information. A representative for Fosun Pharma declined to comment, while a representative for Gland Pharma didn?t respond to requests for comment.