Shares of Cipla Ltd. rose on Wednesday after its promoters, Shirin Hamied, Rumana Hamied, Samina Hamied, and Okasa Pharma Pvt. sold stake in the company. The selling promoters offloaded almost 2.05 crore shares, representing 2.53% of the entire shareholding, the pharmaceutical major said in an exchange filing.
The shares have been sold for the purpose of creating liquidity for specific needs, including philanthropy, the company said. Post transaction, the entire promoter group holding in the company will come down to 31.67% , the filing said.
The Hameid family held 33.47% as of March 31, with billionaire Yusuf Khwaja Hameid holding the majority at 18.68%.
In two large trades, 2.05 crore shares of Cipla changed hands for Rs 1,345 per share, a 0.90% discount to its closing price on Tuesday, according to Cogencis data.
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Shares of the company rose as much as 4.83% to Rs 1,422.85, its highest level since May 13, before paring gains to 3.19% to Rs 1,400.50 as of 9:49 a.m. This compares to a 0.3% advance in the Nifty 50.
The stock has risen 12.5% year-to-date and 47.12% in the last 12 months. Total traded volume on the NSE so far was 1.47 times its 30-day average. The relative strength index was at 50.59.
Out of 37 analysts tracking the company, 25 maintain a 'buy' rating, six recommend a 'hold,' and six suggest a 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 5.6%.
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