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.

Also read: Cipla’s Q4 profit jumps 79%, but fails to cheer Street

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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Published: 14 May 2024, 08:47 PM IST