Shares of Cohance Lifesciences Ltd tumbled 8.55% on Thursday, September 18, to trade at ₹906.00, after Jusmiral Holdings upsized its stake sale through a block deal to $350 million.
According to details, the transaction involved the sale of 34.1 million shares, representing 8.9% equity in Cohance Lifesciences. The deal was priced at a floor of ₹900 per share, reflecting a discount of up to 6.9% from the stock’s previous close. The block was managed by IIFL Capital, with books closing by 8:50 a.m. IST. A lock-up period of 210 days has been imposed for any further share disposals by the seller.
Earlier, reports suggested that Jusmiral Holdings was expected to offload about 5.1% stake, estimated at ₹1,756 crore, but the size was later upsized.
Cohance, formerly known as Suven Pharmaceuticals, is a Hyderabad-based CDMO (Contract Development and Manufacturing Organisation), catering to global pharmaceutical, biotech, and fine chemicals companies.
The stock, which closed at ₹967.70 on September 17, has already corrected nearly 9.7% year-to-date and remains well below its 52-week high of ₹1,359.
