 "Cipla zooms 5% on 2.53% stake sale by Hamied family, Okasa Pharma")
Shares of pharmaceutical giant Cipla gained up to 4.9 per cent at Rs 1,423.60 per share on the BSE in Wednesday’s intraday trade. The stock price surge came after the company informed the exchanges about a 2.53 per cent stake sale by its promoters.
Cipla in a filing stated that certain members of its promoter group are in total selling 2,04,50,375 shares of the company.
Promoters Shirin Hamied, Rumana Hamied, Samina Hamied and Okasa Pharma Private Limited have sold 2.53 per cent shares of Cipla for an undisclosed amount. This will be used for the purpose of creating liquidity for specific needs including philanthropy, the company said.
“Post transaction, the entire promoter group (including Person Acting in Concert) continues to hold 31.67 per cent in the company and remains committed to the future of Cipla Limited,” the company said in a statement.
Cipla's promoter group is looking to sell a 2.53 per cent stake in India's third-largest drugmaker via a block deal worth nearly $316 million, CNBC-TV18 reported on Tuesday,
citing sources.
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The promoter group will sell its stake in Cipla at a per-share price range of Rs 1,289.5 to Rs 1,357.35, the report said.
The price range of the proposed stake sale means it will be sold at no more than the value of the stock's last closing price, which was 4 per cent lower, at Rs 1,357.35.
Cipla recently reported a consolidated net profit of Rs 939.04 crore for the quarter ended March 31 (Q4) of the financial year 2023-24 (FY24). This was a 78.6 per cent surge in profit year-on-year (Y-o-Y) from Rs 525.65 crore.
The company's profit fell 11 per cent quarter-on-quarter (Q-o-Q) from Rs 1,055.90 crore reported in Q3. Revenue from operations for the pharmaceutical firm was Rs 6,082.37 crore, a 7.3 per cent Y-o-Y growth from Rs 5,665.95 crore. Sequentially, however, revenue fell 6.5 per cent from Rs 6,505.66 crore.
At 09:55 AM the stock of the company was trading 3.65 per cent higher at Rs 1406.50 per share. By comparison the S&P BSE Sensex moved up by 0.23 per cent.