On May 15, Cipla witnessed a 4 percent surge in its share price during the opening trade session, following three block deals on the exchanges. These transactions involved approximately 2.04 crore shares, representing a 2.52 percent stake in the drugmaker Cipla.
While the parties involved in the transaction were not immediately confirmed by LegalParivar.com, CNBC-Awaaz reported on May 14 that both the promoter family and Okasa Pharma were considering offloading up to a 2.53 percent stake. The reported goal was to earn around Rs 2,637 crore from the stake sale.
According to the CNBC-Awaaz report, the block trade came with a lock-in period of 90 days for the sellers. As per the latest shareholding data of Cipla, the promoter family held a 33.47 percent stake in the drugmaker.
It’s worth noting that the Hamieds, the promoter family, previously divested another 2.5 percent stake through open market transactions back in February 2020. The board of Cipla comprises three members from the promoter family – chairman Yusuf Hamied, younger brother MK Hamied, and his daughter Samina – all serving in non-executive roles.
