Promoters of generics-maker Cipla Ltd. plan to sell up to 2.53% stake in the company via open market transactions on Wednesday. The price range has been set at Rs 1,289.5-1,357.35 apiece, Bloomberg News reported, citing the termsheet.
The amount aggregates to $316 million, or around Rs 2,638 crore. Kotak Securities is the broker for the sale.
The Hameid family has 33.47% equity as of March, majorly held by billionaire Yusuf Khwaja Hameid (18.68%).
Cipla's profit rose 79% year-on-year to Rs 931.9 crore in the quarter-ended March. Analysts tracked by Bloomberg had a consensus estimate of Rs 868 crore. Revenue advanced 7.4% to Rs 6,163.2 crore.
Revenue of the company's South Africa business rose by 26% in local currency terms, while that in North America and India markets grew by 11% and 7%, respectively.
The company's R&D investments stand at Rs 444 crore or 7.2% of sales, higher by 19% YoY, driven by product filings and developmental efforts.
The drugmaker also declared a final dividend of Rs 13 per equity share for financial year 2024.
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