Promoters of drug major Cipla Ltd are likely to sell shares worth Rs 2,000 crore through block deal, reported CNBC-Awaaz on November 29 citing sources.
Samina Hamied and Rumana Hamied are looking to sell 1.72% stake, the channel reported.
Floor price for the block deal has been fixed at Rs 1,442 per share, which represents 6% discount to current market price, reported CNBC-Awaaz, adding that Kotak Securities will be the likely broker for the deal.
On November 29, Cipla's shares on BSE closed 2.63% higher at Rs 1,532 apiece.
The block deal is a clean out trade and promoters Samina Hamied, Rumana Hamied would fully exit their holdings, the channel reported.
Last month, Cipla reported a 17 percent increase in consolidated net profit to Rs 1,303 crore for the second quarter ended September 2024, driven by robust sales across markets.
The company had reported a net profit of Rs 1,115 crore in the July-September quarter of the last fiscal.
Its total income from operations rose to Rs 7,051 crore in the second quarter compared to Rs 6,490 crore in the year-ago period, Cipla said in a regulatory filing.
"In Q2FY25, we recorded a revenue growth of 9 percent over the last year with a highest-ever EBITDA margin of 26.7 percent driven by mix and other operational efficiencies," Cipla MD and Global CEO Umang Vohra said.
The company's 'One-India' business was impacted during the quarter due to a changed seasonal pattern. However key chronic therapies in the branded prescription business continued to grow faster than the market, he added.
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