Cipla promoters offload 2.53% stake for Rs 2,750 crore to create liquidity for philanthropy and other needs. The deal was completed through a block deal on the NSE, with buyers including Aditya Birla Sun Life Mutual Fund, ICICI Prudential MF, and more.
New Delhi, May 15 (PTI) Drug major Cipla on Wednesday said its promoters sold a 2.53 per cent stake in the company for around Rs 2,750 crore for the purpose of "creating liquidity" for specific needs including philanthropy.
Certain company promoters sold 2,04,50,375 shares on May 15, 2024, the Mumbai-based drug maker said in a regulatory filing.
As per the block deal data available with the National Stock Exchange (NSE), the shares were disposed of at an average price of Rs 1,345 apiece, taking the transaction value to Rs 2,750.57 crore.
Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, HDFC MF, BofA Securities Europe SA, Citigroup Global Markets Mauritius, Singapore Government, Morgan Stanley Asia Singapore, PE firm Ninety One, Ghisallo Master Fund LP, Norges Bank, Societe Generale were among the buyers of shares of drug major Cipla, as per the data showed on the NSE.
"Shirin Hamied, Rumana Hamied, Samina Hamied and Okasa Pharma Pvt Ltd have sold 2.53 per cent shares of Cipla Ltd for the purpose of creating liquidity for specific needs including philanthropy," the drug major said.
Post transaction, the entire promoter group continues to hold 31.67 per cent in the company and remains committed to the future of Cipla Ltd, it added. The latest share sale comes months after talks with Torrent Pharma failed to materialise.
Earlier in February 2022 also, Hamied family members had sold 2.5 per cent stake in block deals. Cipla reported a 79 per cent jump in consolidated net profit to Rs 932 crore in the March quarter on the back of higher sales.
In a separate statement, Cipla said it inked definitive agreements for further investment of up to Rs 26 crore in Optionally Convertible Preference Shares of Achira Labs, an associate company, in four tranches, subject to completion of certain milestones.
Achira is engaged in development and commercialisation of point-of-care (PoC) medical test kits in India.
The Mumbai-based drug major's total revenue from operations for the fourth quarter stood at Rs 6,163 crore as against Rs 5,739 crore in the corresponding period a year ago.
For the fiscal year ended March 31, 2024, the consolidated net profit was at Rs 4,154 crore as compared to Rs 2,833 crore in the previous fiscal. For FY24, consolidated total revenue from operations rose to Rs 25,774 crore as compared to Rs 22,753 crore in FY23.
Shares of the company on Wednesday ended 3.61 per cent up at Rs 1,405.95 apiece on the BSE.
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