Sun Pharma's Sudhir Valia checks into Greenply with shares worth Rs 73 cr

Valia, via Lakshdeep Investments & Finance, has bought 7,27,975 shares

 

Sun Pharmaceutical Industries’ executive director, Sudhir Valia, seems on an investment spree. Valia has checked into Greenply Industries, by buying shares worth Rs 73.5 crore on Tuesday. The move comes from the brother-in-law of Sun Pharma’s founder, Dilip Shanghvi, soon after the orchestration of the investment deals in Suzlon and Pay Point India.

Valia, via Lakshdeep Investments & Finance Pvt Ltd, has bought 727,975 shares at Rs 1,011 apiece through the open market route. On Tuesday, Citigroup Global Bank Mauritius sold 726,000 shares for Rs 73.4 crore.

"This is a routine trading activity undertaken by the entity and has no strategic intent," a spokesperson of Sun Pharma said on behalf of Dilip Shanghvi Family and Associates.

Valia, who is also the promoter of Fortune Financial Services, has said he will acquire a 51 per cent stake in payment bank licence applicant Pay Point India Network. Lakshdeep Investments & Finance Pvt Ltd has a thick stake in Sun Pharma. It also holds a sizeable number of shares in Sun Pharma Advanced Research Co.

On Wednesday, Greenply scrips closed down by 1.6 per cent at Rs 947 on the BSE.

The company had a turnover of Rs 2,159.5 crore in FY14 and a net profit of 114.5 crore.  

Greenply Industries manufactures plywood, laminates,  particle boards, decorative veneers and prelam particle boards. The company has its presence across 300 cities in the country.