Mumbai: Reliance Mutual Fund has increased its stake in the health care and pharma major Piramal Group’s, spun-off research and development arm, Piramal Life Sciences, to over 5%.
Reliance Mutual Fund has acquired 76,400 shares amounting 0.30% stake in the company through open market purchase route, Piramal Life Sciences said in a disclosure in the Bombay Stock Exchange.
Prior to this acquisition, Reliance Mutual Fund had 12,01,886 shares amounting to 4.72% which increased to 5.02% after the said acquisition.
Piramal Life got listed in May this year after a scheme of arrangement with the NCE Research Unit of Nicholas Piramal India Ltd (NPIL) being transferred to Piramal Life Sciences (PLSL).
Shares of Piramal Life were trading at Rs220.10, down 10.85% on BSE in late afternoon trade.