Capital Group Exits Neuland Labs, Sells 3.77% Stake for Rs 756 Crore

New Delhi, Dec 12 (PTI) Financial services company Capital Group on Thursday exited Neuland Laboratories by selling 3.77 per cent stake in the company for Rs 756 crore through an open market transaction.

Neuland is a leading global API Contract Development and Manufacturing Organisation.

US-based Capital Group through its arm SmallCap World Fund Inc offloaded shares through a bulk deal on the National Stock Exchange (NSE).

As per the data, SmallCap World Fund Inc sold 4.84 lakh shares or 3.77 per cent stake in Hyderabad-based Neuland Laboratories.

The shares were disposed of at an average price of Rs 15,618.16 apiece, taking the transaction value to Rs 756.60 crore.

Details of the buyers of Neuland Laboratories' shares could not be ascertained on the NSE.

Shares of Neuland Laboratories on Thursday plunged 5.54 per cent to close at Rs 16,014.95 apiece on the NSE.