Adar Poonawalla exits Panacea Biotec; sells entire stake for Rs 118 cr

Serum Institute of India CEO Adar Poonawalla offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction

Serum Institute of India CEO Adar Poonawalla on Monday offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm for Rs 118 crore, through an open market transaction.

The shares were picked by Serum Institute of India (SII).

As per BSE block deal data, Poonawalla sold 31,57,034 scrips he held in the firm at a price of Rs 373.85 per share, taking the total deal value to Rs 118.02 crore.

The shares were picked by SII at the same price, through a separate transaction.

As per shareholding data for March 2021 quarter, both Poonawalla and SII were public shareholders in the firm and held 5.15 per cent and 4.98 per cent stake in Panacea, respectively.

Shares of Panacea Biotec on Monday ended at Rs 384.9 apiece, 1.16 per cent higher over the previous close.

Separately, Sarda Mines sold shares worth Rs 227.66 crore in Jindal Steel and Power Ltd.

Over 52.74 lakh scrips were offloaded at the price of Rs 431.62 apiece.

Jindal Steel and Power stock on Monday ended 4.65 per cent higher at Rs 436.55.