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Biocon sells 2% stake in Syngene for Rs 2.3 bn through open-market sale

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

Press Trust of India  |  New Delhi 

Biocon's facility. Photo: Company's website
Biocon's facility. Photo: Company's website

Ltd has sold close to 2 per cent stake in its research arm International for an estimated Rs 2.3 .

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

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

Based on average weighted price of Syngene's shares on May 16 at Rs 611.02 apiece, the transaction is estimated at Rs 230.08 crore.

Post transaction, stake of promoter and promoter group in the company stands at 72.57 per cent. is 25.90 per cent.

Shares of were trading 0.36 per cent lower at Rs 605.20 apiece on BSE.

First Published: Fri, May 18 2018. 14:34 IST
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