Motilal Oswal Buys Shares Of Advanced Enzyme Technologies For Rs 425.5 Crore
Orbimed Asia III Mauritius, an affiliate of New York-based OrbiMed, offloaded 9.88% equity.
Advanced Enzyme Technologies Ltd. saw a big change of hands in equity on Wednesday as a big US-based investor cashed out while Motilal Oswal Financial Services Ltd. picked up shares.
Motilal Oswal acquired 1.1 crore shares, representing 9.88% equity, at Rs 385 apiece, according to the block deal data on the NSE. The aggregate deal value stands at Rs 425.5 crore.
Orbimed Asia III Mauritius, an affiliate of New York-based OrbiMed, offloaded an equal number of shares for the same value. OrbiMed is considered one of the world's largest dedicated healthcare investment firms.
The biotechnology company reported a 7% decline year-on-year in its consolidated net profit to Rs 29.90 crore in the fourth quarter of fiscal 2024. The drag on the bottomline was largely due to high finance and depreciation costs. Revenue rose 14% to Rs 157.8 crore as against Rs 138.70 crore in the year-ago period.
Shares of Advanced Enzyme Technologies closed 0.68% lower at Rs 378.9 apiece on Wednesday, compared to a flat BSE Sensex.
