Latest News | Alkem Labs' Promoter Sells Shares for Rs 177 Crore

New Delhi, Jun 25 (PTI) Alkem Laboratories promoter Seema Singh on Tuesday sold shares of the company for Rs 177 crore through an open market transaction.

According to the block deal data available with the National Stock Exchange (NSE), Seema Singh offloaded 3,58,695 shares, amounting to a 0.3 per cent stake in Mumbai-based Alkem Laboratories.

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The shares were disposed of at an average price of Rs 4,956 apiece, taking the deal size to Rs 177.77 crore.

As of March 2024 shareholding pattern on the BSE, Seema Singh held a 2.46 per cent stake in Alkem.

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These shares were picked up by Aditya Birla Sun Life Mutual Fund (MF), ICICI Prudential MF, ICICI Prudential Life Insurance Company and Morgan Stanley Asia Singapore.

Shares of Alkem Laboratories rose 1.58 per cent to close at Rs 5,085 apiece on the NSE.

In another bulk deal on the NSE, New York-based PineBridge Investments picked up 8.25 lakh shares of milk and milk products company Dodla Dairy for Rs 82.50 crore through an open market transaction.

PineBridge INV Asia Ltd A/C PB Funds Global Funds-PineBridge India EQ Fund, an affiliate of global asset manager PineBridge Investments purchased shares of Dodla Dairy.

The shares were bought at an average price of Rs 1,000 apiece, taking the deal size to Rs 82.50 crore.

Meanwhile, MYLKTREE Consultants LLP, one of the promoters of Hyderabad-based Dodla Dairy, sold 7.36 lakh shares of the company at the same price.

Details of the other sellers of Dodla Dairy's shares could not be ascertained.

The scrip of Dodla Dairy slipped 2.45 per cent to close at Rs 1,017 apiece on the NSE.

In a separate transaction on the NSE, India First Life Insurance Company bought shares of private sector lender DCB Bank for Rs 28 crore.

As per the bulk deal data on the exchange, India First Life Insurance Company purchased 20.23 lakh shares of the Mumbai-based private sector lender.

The shares were acquired at an average price of Rs 140.15 apiece, taking the transaction value to Rs 28.35 crore.

Further, DSP Mutual Fund disposed of 17 lakh shares of DCB Bank at the same price.

Details of the other sellers of DCB Bank's shares could not be ascertained.

The scrip of DCB Bank gained 0.18 per cent to settle at Rs 141.28 apiece on the NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)