Cipla told bourses that Yusuf Hamied and Mustafa Hamied, both in their eighties, had sold the stake to raise funds for personal purposes including philanthropy
Shares of Cipla Ltd opened sharply lower on Wednesday on a huge block deal as part of which promoters sold 2.5% stake of the company.
The stock dropped 3.64% to hit a low of Rs 920 on BSE. At 9.20am, the scrip was trading at Rs 921, down 3% from its previous close.
Cipla told bourses that Yusuf Hamied and Mustafa Hamied, both in their eighties, had sold the stake to raise funds for personal purposes including philanthropy. The promoter group does not plan to sell any further shares in the foreseeable future, it said. After this, the promoter group holds 34.23% of the company.
Earlier, reports had said Yusuf Hamied and Mustafa Hamied were to offload Cipla stake through the deal that fixed the floor price in the range of Rs 904.8-916.7 per share. This translated to a discount of up to 5.25% to Monday’s closing price of Rs 955 on NSE.
Reports had said the deal would be to sell 1.6 crore shares, or two percent of total shares outstanding, with an option to offload an additional 40 lakh shares or 0.5% of the total equity. Promoters held 36.11% of Cipla as of December 31, whose shares have gained 3.62% in the past one month compared to the 7.7% fall in the Nifty index over the same period.
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