 "Cipla")
Members of the Hamied family, the promoters of pharmaceutical major Cipla, on Wednesday sold 2.53 per cent shares of the company in a block deal to a clutch of investors, including ICICI Prudential Mutual Fund and Aditya Birla Sun Life Mutual Fund, among others.
The proceeds worth Rs 2,637 crore will be used for “creating liquidity” for specific needs including philanthropy, the Mumbai-headquartered drugmaker said in a regulatory filing. According to the exchange data, ICICI Prudential Mutual Fund picked up shares worth Rs 743 crore while Aditya Birla Sun Life Mutual Fund bought shares for Rs 309 crore.
In a notification to the stock exchanges, Cipla stated Shirin Hamied, Rumana Hamied, Samina Hamied, and Okasa Pharma Private Limited (all categorised as a promoter group) have sold 2.53 per cent shares of Cipla to create liquidity for specific needs including philanthropy.
"Post transaction, the entire promoter group (including persons acting in concert) continues to hold 31.67 per cent in the company and remains committed to the future of Cipla," it added. At the end of March, the promoters held 33.47 per cent of the company's shares in total.
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Eight months after the promoter-stake-sale talks with Torrent Pharmaceuticals broke down, some family members of the promoter family of Cipla sold their shares. Okasa Pharma, another promoter group company, and MK Hamied's wife Shirin and their daughters Samina and Rumana sold part of their shares.
Cipla stock reacted positively to the development and closed 3.6 per cent up at Rs 1,405 a share.
According to market sources, last year, private equity player Blackstone offered to acquire Cipla's promoter stake, and late in September, Torrent Pharmaceuticals made another offer. Torrent's offer was close to the then-market price of the stock. The shares were offered at a maximum 5 per cent discount to Tuesday's closing price.
Bankers said, despite the sale, the Hamied family would continue to hold a sizeable stake in the company while the day-to-day operations were run by professionals.
"Even in Dr Reddy’s Laboratories, the promoters hold a 26.6 per cent stake in the company and are controlling the company. Hence we do not foresee any problems with promoters selling their stake," said a banker, asking not to be quoted.
