Cipla promoters to sell up to 2.5% of drugmaker today for Rs 1,844 crore

Cipla promoters will sell as much as 2.5% of the drugmaker on Tuesday for Rs 1,844 crore, reports said citing a term sheet issued by Kotak Securities.

Yusuf Hamied and Mustafa Hamied will offload the Cipla stake through a block deal under which the floor price has been fixed in the range of Rs 904.8-916.7 per share. This translates to a discount of up to 5.25% to Monday's closing price of Rs 955 on NSE. 

The deal would be to sell 1.6 crore shares, or two percent of total shares outstanding, with an option to offload an additional 40 lakh shares or 0.5% of the total equity, going by the term sheet. Promoters held 36.11% of Cipla as of December 31, whose shares have gained 3.62% in the past one month compared to the 7.7% fall in the Nifty index over the same period.