Shares of Syngene International Ltd. gained in early trade after more than 5% equity changed hands.
About 2.13 crore shares or 5.3% equity of the contract development and manufacturing firm changed hands on the BSE, according to data compiled by Bloomberg. Buyer and seller data was not immediately available.
On Monday, however, CNBC TV-18 first reported that Biocon Ltd. was likely to trim its holding by 5% in Syngene in a block deal in the open market. The deal would likely take place at a discount of up to 5%, it reported citing people aware of the matter.
As of the quarter ended June, Biocon held a 70.29% stake in Syngene.
Shares of Syngene rose as much as 3.6% in early trade, the most since Aug. 24. Shares of Biocon gained more than 1%, but soon traded flat.
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