Biopharma company Biocon is planning to sell a part of its stake in contract manufacturing services firm Syngene International in a block deal on the open market, CNBC Awaaz reported on September 5.
The deal will likely be at a discount of up to 5 percent, the report cited sources as saying. More details are awaited.
Moneycontrol could not independently verify the report.
Also read: Biocon says US FDA issued 11 observations each for firm's two sites in Bengaluru
Biocon has around 70 percent stake in Syngene. Syngene International shares closed 2.56 percent lower at Rs 578.75 on the BSE, while those of Biocon ended at Rs 292.75, down about 0.96 percent.
Syngene International on July 20 reported a 4 percent decline in profit after tax to Rs 74 crore for the first quarter ended June 2022. The company posted a PAT of Rs 77 crore in the April-June quarter of last fiscal.
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