Alkem Laboratories Promoter Offloads Stake For Rs 177 Crore

The promoter of Alkem Laboratories Ltd. sold a 0.3% stake in the company for Rs 177 crore through an open market transaction on Tuesday.

Seema Singh offloaded 3.58 lakh shares at Rs 4,956 apiece, according to the block deal data on the NSE. As of March, the promoter held 2.46% equity in the company.

ICICI Prudential Mutual Fund bought 1.92 lakh shares (0.15%), Morgan Stanley Asia Singapore Pte. acquired 0.98 lakh shares (0.08%),  and Aditya Birla Sun Life Mutual Fund mopped up 0.7 lakh shares (0.05%) at Rs 4,956 apiece. ICICI Prudential Life Insurance Co. is also among the buyers.

Alkem Laboratories is a pharmaceutical company headquartered in Mumbai. It manufactures and sells pharmaceutical generics.

Shares of Alkem Laboratories closed 1.61% higher at Rs 5,092 apiece on the BSE, as compared with a 0.92% rise in the benchmark Sensex.