Biocon Ltd, a promoter of Syngene International, has divested a 2% stake in the contract research and manufacturing services firm for Rs 686 crore through an open market transaction.
New Delhi, Dec 10 (PTI) Biocon Ltd, one of the promoters of Syngene International, on Tuesday divested a 2 per cent stake in the contract research and manufacturing services firm for Rs 686 crore through an open market transaction.
Billionaire Kiran Mazumdar Shaw-promoted Biocon offloaded shares of Syngene International through a bulk deal.
As per the data on the BSE, Biocon Ltd sold 80 lakh shares, amounting to a 2 per cent stake in Syngene International.
The shares were offloaded at an average price of Rs 857.68 apiece, taking the transaction value to Rs 686.14 crore.
After the latest transaction, the combined shareholding of promoter and promoter group entities of Syngene International declined to 52.72 per cent from 54.72 per cent.
Details of the buyers of Syngene International's shares could not be ascertained.
Shares of Syngene International rose 1.50 per cent to close at Rs 880.45 apiece on the BSE.
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