Cavaal Fininvest to pick up 7.28% in Piramal Healthcare

Piramal Healthcare Ltd today said Cavaal Fininvest will pick up 7.28 per cent stake in the company through purchase of 1,52,12,677 shares.

In a filing to the Bombay Stock Exchange, Piramal Healthcare said Cavaal Fininvest will buy the shares from Swastik Safe Deposits & Investments, Savoy Finance & Investments Private Ltd and Nandini Piramal Investments through inter se transfer (among themselves).

The transaction will be carried out at market price starting from September 7, 2010, over a period of 15 days, it added.

As per the proposed transaction, Swastik Safe Deposits & Investments will sell 88,54,537 shares (4.24 per cent stake), while Savoy Finance & Investments Private Ltd will sell 63,08,533 shares (3.02 per cent stake).

 

Nandini Piramal investments will offload 49,607 shares (0.02 per cent stake) to Cavaal Fininvest, it added.

Piramal Healthcare also said group company BMK Laboratories Pvt Ltd has increased its stake in the company to 18.08 per cent from its earlier 8.61 per cent.

BMK Laboratories had acquired 1.98 crore shares (9.47 per cent stake) from PHL Holdings on September 2 and September 3, it added.