Biocon Pares 10% Stake In Arm Syngene International For Rs 2,240 Crore
The shares were sold at an average price of Rs 560 apiece, taking the transaction value at Rs 2,240 crore.
Drugmaker Biocon Ltd. on Wednesday divested 10% stake in its research arm Syngene International for Rs 2,240 crore through the open market transactions.
The buyers of the shares include Government of Singapore, Abu Dhabi Investment Authority, Monetary Authority of Singapore, ICICI Prudential Mutual Fund, Morgan Stanley Asia Singapore Pte and Norges Bank on account of the government pension fund global, among others.
According to the block deal data available with the BSE, Biocon, the promoter of Syngene International, sold a total of 4,00,00,000 shares, amounting to 9.96% stake in the company. The shares were offloaded in 29 tranches by Biocon Ltd.
The shares were sold at an average price of Rs 560 apiece, taking the transaction value at Rs 2,240 crore.
Post the latest transaction, Biocon's shareholding has reduced to 54.6% from 64.56% stake in the company. Biocon had offloaded a 5.4% stake in Syngene International in September last year .
On Wednesday, shares of Syngene International closed 0.65% higher at Rs 567.35 apiece on the BSE.
