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.
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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.
The proposed sale could lead to increased trading activity in Biocon shares, with investors likely to track the final deal price and the identity of buyers. The transaction is yet to be completed, and details of the final sale and buyers will be known after the deal goes through.
Biocon shares closed at Rs 392.55 on Tuesday, down 0.24% from the previous close of Rs 393.50. The stock touched a high of Rs 399.50 and a low of Rs 390.90 during the session.
Biocon has a 52-week high of Rs 447 and a low of Rs 337.20. The company's market capitalisation stood at around Rs 63,974 crore.
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