Torrent Pharmaceuticals Promoter Sells 2.9% Stake for Rs 3,086 Crore

New Delhi, Oct 30 (PTI) Torrent Investments, a promoter entity of Torrent Pharmaceuticals, on Wednesday trimmed a 2.9 per cent stake in the company for Rs 3,086 crore through open market transactions.

According to the bulk deal data available with the BSE, Torrent Investments Pvt Ltd sold a total of 99.44 lakh shares or 2.94 per cent stake in Torrent Pharmaceuticals.

The shares were sold in the price range of Rs 3,103.07-3,104.40 apiece, taking the combined transaction value to Rs 3,086.37 crore.

After the stake sale, the combined holding of promoters of Torrent Pharmaceuticals has come down to 68.31 per cent from 71.25 per cent.

Details of the buyers of Torrent Pharmaceuticals' shares could not be ascertained on the BSE.

Last week, Torrent Pharmaceuticals reported its consolidated profit after tax rose 17 per cent to Rs 453 crore in the September quarter, led by robust sales in the domestic market.

The drug firm had reported a profit after tax (PAT) of Rs 386 crore in the July-September period of the last fiscal.

During the period under review, revenues rose to Rs 2,889 crore compared to Rs 2,660 crore in the year-ago period.

The company said its India revenues increased 13 per cent to Rs 1,632 crore, led by outperformance in focus therapies, it added.

Shares of Torrent Pharmaceuticals fell 2.30 per cent to close at Rs 3,137.15 apiece on the BSE on Wednesday.