Biopharma and API player Concord Biotech will see a block trade of 3.4 percent equity in the company as shareholder Ontario Inc plans to sell shares worth Rs 468.40 crore, CNBC-TV18 learns through sources on May 27.
The share sale could have a floor price of Rs 1,320 per share, according to sources. Ontario Inc - the seller entity - will have a residual stake of two percent in the company after the transaction, and CNBC-TV18 learns that there could be a lock-in of 90 days before any sale of this residual stake.
Concord Biotech's IPO was backed by the Jhunjhunwala family when the shares debuted in August 2023.
Since listing in August 2023, the shares of Cocord Bio are higher by 53 percent, and marginally in the red on year-to-date basis. The stock had listed on the exchanges at a premium of 21 percent to its issue price on August 18, 2o23.
Read about Concord Bio's Q4FY24 results here
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