True North is likely to sell around 1.7 crore shares of Biocon through a block deal on September 9, sources told NDTV Profit.
The offer price for the transaction is set at Rs 385 per share, representing a discount of around 2% to Biocon's current market price. The deal is expected to be worth approximately Rs 640 crore. True North holds its stake in Biocon through ACTIV PINE LLP.
As of the quarter ended June, Activ Pine held 1,76,58,180 shares, or 1.08% stake in Biocon, according to the shareholding data available with the BSE.
ALSO READ: Biocon Shares Surge Nearly 3% After Q1 Profit Jumps 350%
NDTV Profit had reported about True North looking to sell Biocon stake via block deals on Aug. 28.
The proposed transaction is most likely to be a clean-up trade, sources said. Citi is said to be the banker handling the block deal, according to sources.
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