Cipla promoters sell 2.53% stake for Rs 2,751 crore

Mumbai: The promoters of Cipla on Wednesday sold a 2.53% stake for ₹2,751 crore in a block deal on NSE.

According to NSE block deal data, Shirin Hamied, wife of MK Hamied, vice-chair and non-executive director on the Cipla board and her daughters Rumana Hamied, Samina Hamied, and Okasa Pharma Private Ltd, all categorized as promoter group, sold 2.04 crore shares at ₹1,345 apiece. The company in a stock exchange release said the stake sale was intended at raising funds for specific needs, including philanthropy.

Shares of Cipla gained 3.61% on Wednesday to close at ₹1,406.

"Post transaction, the entire promoter group, including persons acting in concert, continues to hold 31.67% in the company and remains committed to the future of Cipla," the company said in a statement.

The three promoters hold 4.24% of Cipla, while Osaka Pharma owns a 0.02% stake.

ICICI Prudential Mutual Fund bought shares worth ₹743 crore, while Aditya Birla Mutual Fund and DSP Mutual Fund acquired shares worth ₹309 crore and ₹134 crore, respectively. Other buyers include BofA Securities, Citigroup Global, HDFC Mutual Fund, Morgan Stanley, and Societe Generale.

ET on Tuesday reported that the promoters are offering to sell up to 20.45 million shares at ₹1,289.50-1,357.35 apiece, translating to a total deal value of about ₹2,637 crore ($316 million).



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