Cipla promoter, promoter group to sell stake worth Rs 2,637 crore via block deal tomorrow

Cipla promoters and members of promoter group are expected to offload a 2.5% stake worth Rs 2,637 crore via a block deal tomorrow, May 15, reports said.

Cipla promoters and members of promoter group are expected to offload a 2.5% stake worth Rs 2,637 crore via a block deal tomorrow, May 15, reports said. According to the reports, Shirin Hamied, Samina Hamied, Rumana Hamied, Okasa Pharma Private Limited (Part of the Promoter and Promoter Group) look to sell upto 2.53% stake in company via block deal at a price range of Rs 1,289.5 to 1,357.35/share. The block deal price is at a 5% discount to today’s closing price of Rs 1,358.20 on the NSE. Shares of Cipla ended almost 4% lower today ahead of the block deal reports.

According to reports quoting sources, there will be a 90-day lock-in period for the sellers to sell any further stake in the company. Kotak Securities is said to be the sole broker to the deal.

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