Pharmaceutical company Biocon is likely to sell 10 percent equity stake or approximately 4 crore shares in Syngene International on February 1 via a block deal, sources told CNBC-TV 18 on January 31. The company is likely to raise Rs 2,240 crore at lower end via the deal.
The offer price band ranges around Rs 560 to Rs 562.30 per share, CNBC-TV18 added. Shares of Syngene on January 31 closed 0.66 percent lower at Rs 563.70 apiece on BSE.
Furthermore, the broker for the sale will be Spark Institutional Equities Private Limited and there will be a 90-day lock up for seller.
Biocon, founded by Kiran Mazumdar-Shaw, has a market capitalisation of over Rs 30,000 crore. As per the data disclosed with the BSE, the promoter and promoter group held 60.64 percent stake as of December 2022. The stake of public shareholders in the company adds up to 38.78 percent.
On January 31, Biocon's shares were trading at Rs 236 apiece at the BSE, which was 0.94 percent higher as against the previous day's close.
The company is yet to declare the results for the third quarter of fiscal year 2022-23. In the September 2022 quarter, it had reported a 66 percent drop in consolidated net profit at Rs 46.9 crore. Sequentially, the company's profit slumped 67 percent from Rs 144 crore in the June quarter.
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