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Cipla promoters aim to sell a 2.53% stake worth ₹2,637 crore through a block deal, offering 20.45 million shares at ₹1,289.50 - ₹1,357.35 per share. This move occurs amidst a strong 2024, with Cipla's stock up 45%.
Pharma major Cipla's promoters and related entities plan to sell up to 2.53% stake in the company via a block deal, aiming for a total value of ₹2,637 crore.
The stake sale involves offering approximately 20.45 million shares within a price range of ₹1,289.50 to ₹1,357.35 per share, reflecting a slight discount compared to Tuesday’s closing share price.
Explore: Cipla Share Price
The selling shareholders include Shirin Hamied, Samina Hamied, Rumana Hamied, and Okasa Pharma Private Limited, collectively holding a 33.47% stake in Cipla. Samina had previously stepped down from her executive role citing personal reasons.
Presently, the promoters hold a combined stake of 4.26% in Cipla, with individual holdings as follows: Shirin Hamied (0.79%), Samina Hamied (2.22%), Rumana Hamied (1.23%), and Okasa Pharma (0.02%).
Additional Read: Cipla Ltd. – A Closer Look
Last year, there were reports of the promoters considering a stake sale, indicating a continuing interest in exploring strategic shifts.
Cipla's stock has seen significant growth in 2024, rising by 45%, outpacing the Nifty 50 index's 21.3% gain.
Additional Read: Cipla Q4 Results
Kotak Securities Ltd is overseeing the sale process, ensuring transparency and efficiency in the transaction. This stake sale represents a continuation of the promoters' strategic evaluation of their holdings within Cipla, aiming to potentially realign their investment portfolios.
Sources:
https://www.thehindubusinessline.com/companies/cipla-promoters-to-sell-up-to-25-stake-for-2637-crore/article68175557.ece
https://www.livemint.com/companies/cipla-promoters-plan-to-sell-2-53-stake-11715697676337.html
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