New Delhi: Biocon Ltd has sold close to 2% stake in its research arm Syngene International for an estimated Rs230 crore.

“Biocon, the promoter of Syngene International, on 16 May 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale," Biocon said in a regulatory filing.

In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.

Based on average weighted price of Syngene’s shares on 16 May at Rs611.02 apiece, the transaction is estimated at Rs230.08 crore. Post transaction, stake of promoter and promoter group in the company stands at 72.57%. Public shareholding is 25.90%.

Shares of Biocon were trading 1.60% at Rs650.00 apiece on BSE.