Indegene Shares Rise After Block Deals With Eastbridge, Premji Investment, Societe Generale Buy
East Bridge Capital Master Fund I bought 0.24% equity for Rs 128 crore, while Societe Generale bought 18.79 lakh shares (0.21%) for Rs 111 crore.
Share price of digital healthcare services provider Indegene Ltd. climbed in early trade on Thursday, after stakes of the company recently exchanged hands via open market transactions.
US private equity firm Carlyle Group had recently divested its entire 10.2% stake in the company, post which, shares of the company had seen a 4% decline on Wednesday. IIFL Capital Services Ltd. and Kotak Securities Ltd. were the bookrunners for the block deal, in which Carlyle affiliate CA Dawn Investments offloaded shares in the price range of Rs 591.02-591.84 apiece, as per NSE data.
However, Premji Invest's affiliate PI Opportunities AIF, US-based Capital Group, French investment firm Societe Generale, Luxembourg-based Eastbridge Group and Abakkus Asset Manager turned buyers of the counter, cumulatively gathering 1.06 crore shares or 4.42% stake in Indegene for Rs 627 crore in the price range of Rs 591-591.48 apiece.
East Bridge Capital Master Fund I bought 0.24% equity for Rs 128 crore, Societe Generale bought 18.79 lakh shares (0.21%) for Rs 111 crore and Capital Group's Small Cap World Fund purchased shares worth Rs 108 crore. Azim Premji-backed PI Opportunities invested Rs 100 crore.
Indegene Share Price Today
The scrip rose as much as 3.49% to Rs 611 apiece. It pared gains to trade 2.09% higher at Rs 602.70 apiece, as of 09:21 a.m. This compares to a 0.09% advance in the NSE Nifty 50 Index.
It has fallen 0.17% on a year-to-date basis, but has returned 14.31% in the last two months. The relative strength index was at 35.47.
Out of six analysts tracking the company, three maintain a 'buy' rating, two recommend a 'hold' and one suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies an upside of 19%.
