Public shareholder BC Investments is set to sell 45.5 lakh shares or a 2.4% stake in Emcure Pharmaceuticals Ltd. through a block deal on Friday, according to sources.
The offer price is set to be Rs 1,225 per share, which is a 4% discount on the current market price of Rs 1,279.8. The offer size is Rs 551 crore.
Kotak Securities will be the book runners for the deal, the sources said.
Shares of Emcure closed 0.72% higher at Rs 1,279.8 apiece on the National Stock Exchange, compared with a 0.19% decline in the benchmark Nifty. The stock has risen 26.96% in the last 12 months and fallen 11.56% on a year-to-date basis.
Out of the three analysts tracking the company, two maintain a 'buy' rating on the stock and one recommends a 'hold', according to Bloomberg data. The average of 12-month analysts' price target implies a potential downside of 13.9%.
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