Cipla promoters plan to sell 2.53% stake
- This move comes amidst a strong year for Cipla's stock price, which has surged by 45% so far in 2024
Mumbai: The promoters of pharmaceutical major Cipla Ltd, including Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma Pvt. Ltd, are looking to sell 2.53% of their stake in the company, according to a term sheet reviewed by Mint.
The promoters are offering to sell up to 20.45 million shares, with a total deal value estimated to be around ₹2,637 crore ($316 million). The shares are being offered within a price range of ₹1,289.50 to ₹1,357.35 per share, representing a discount of 0-5% compared to Cipla's closing share price of ₹1,357.35 on the NSE on 14 May 2024.
Kotak Securities Ltd is managing the sale process. Cipla spokespersons did not respond to emails seeking comment.
Currently, the promoters hold a combined stake of 4.26% in Cipla, with Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma holding 0.79%, 2.22%, 1.23%, and 0.02%, respectively.
This move comes amidst a strong year for Cipla's stock price, which has surged by 45% so far in 2024, significantly outperforming the benchmark Nifty 50 index that has gained 21.3%.
Also read: Family rift clouds $7 bn sale of Cipla
Interestingly, this is not the first time the Cipla promoters have explored stake dilution. On 27 July 2023, similar reports surfaced, leading to a jump of nearly 12% in the company's stock price to ₹1,171.55 on the BSE.
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Business NewsCompaniesCipla promoters plan to sell 2.53% stake
First Published:14 May 2024, 08:47 PM IST
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