Over four crore shares of Syngene International, equating to 9.97 percent stake, changed hands through a block deal window on February 1. While the buyers and sellers were not known immediately, it was reported earlier that Biocon would dilute its holding in the company.
At 9:20am, Syngene International was quoting at Rs 570.80 per share on the NSE, higher by 1.5 percent. At the same time, Biocon was also trading higher by 1.6 percent at Rs 238.95 on the NSE.
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On January 31, CNBC-TV18 reported that Biocon was likely to sell 10 percent equity stake in Syngene International to raise Rs 2,240 crore. The offer price band was fixed at Rs 560 to Rs 562.30 per share.
As of December-end, Biocon held 64.5 percent promoter stake in Syngene International. After the block deal, this would go down to 54.5 percent. Syngene is Biocon's research subsidiary.
In September, Biocon had divested 5 percent stake in the company bringing its stake down from 69 percent to 64 percent.
In the third quarter of FY23, Syngene International reported a 5.5 percent rise in consolidated net profit to Rs 109.70 crore as against Rs 104 crore posted a year ago. Revenue from operations jumped 22.5 percent on-year to Rs 785.90 crore.
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