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Private equity major ChrysCapital on Thursday exited Eris Lifesciences by selling its entire 7.27 per cent stake in the company for Rs 1,187 crore via open market transaction, while Infinity Partners picked up shares of the firm.
Eris Lifesciences Ltd is a listed Indian pharmaceutical company and a leading player in the domestic branded formulations market.
According to the block deal data available on the National Stock Exchange (NSE), ChrysCapital through its affiliate Emerald Investment Ltd sold 98,86,882 shares, amounting to a 7.27 per cent stake in Ahmedabad-based Eris Lifesciences.
The shares were disposed of at an average price of Rs 1,201 apiece, taking the transaction value to Rs 1,187.41 crore.
These shares were picked up by Infinity Partners at the same price, as per the data on the exchange.
Shares of Eris Lifesciences rose 2.13 per cent to close at Rs 1,238.65 apiece on the NSE.
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Earlier this month, Eris Lifesciences said its consolidated profit after tax declined by 4.5 per cent year-on-year to Rs 89 crore for the quarter ended on June 30, 2024.
The drug maker reported a profit after tax of Rs 94 crore in the April-June quarter of the last fiscal.
Its revenue rose to Rs 720 crore for the first quarter of 2024-25 from Rs 467 crore in the year-ago period.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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