Concord Biotech Shareholder Pares Stake For Rs 482 Crore

Ontario Inc., a public shareholder of Concord Biotech Ltd., sold a 3.39% stake in the company through the open market for Rs 482 crore on Tuesday. The shareholder offloaded 35.48 lakh shares, representing a 3.39% stake, at Rs 1,361.26 apiece, according to bulk deal data on the NSE.

1575773 Ontario Inc. owned 5.39% of the Jhunjhunwala family-backed company as of March 2024.

Norges Bank, on account of the Government Pension Fund Global, has bought 6 lakh shares in the company, representing 0.57% ownership at Rs 1,386.95 apiece.

Shares of Concord Biotech closed 3.12% lower on Tuesday at Rs 1,395 per share, as compared with a 0.19% decline in the Nifty 50.

The stock had fallen to an over-two-month low during the day, touching Rs 1,355 per share. It has risen 46.44% in 12 months but declined 5.99% year-to-date.