Latest News | Biocon Pares 10 Pc Stake in Arm Syngene International for Rs 2,240 Cr

New Delhi, Feb 1 (PTI) Drugmaker Biocon Ltd on Wednesday divested 10 per cent stake in its research arm Syngene International for Rs 2,240 crore through the open market transactions.

The buyers of the shares include -- Government of Singapore, Abu Dhabi Investment Authority, Monetary Authority of Singapore, ICICI Prudential Mutual Fund, Morgan Stanley Asia Singapore Pte and Norges Bank on account of the government pension fund global, among others.

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According to the block deal data available with the BSE, Biocon, the promoter of Syngene International, sold a total of 4,00,00,000 shares, amounting to 9.96 per cent stake in the company.

The shares were offloaded in 29 tranches by Biocon Ltd.

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The shares were sold at an average price of Rs 560 apiece, taking the transaction value at Rs 2,240 crore.

Post the latest transaction, Biocon's shareholding has reduced to 54.6 per cent from 64.56 per cent stake in the company. Biocon had offloaded a 5.4 per cent stake in Syngene International in September last year .

On Wednesday, shares of Syngene International closed 0.65 per cent higher at Rs 567.35 apiece on the BSE.

(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)