2 promoters of Laurus Labs sell 70 lakh equity shares
Hyderabad: Laurus Labs Ltd. has recently announced that Dr.Satyanarayana Chava, Founder Promoter, CEO & ED, sold 52 lakh equity shares of the Company in the stock market at an average price of INR.368.59, per share, aggregating to INR 191.67 Crores and Mrs. Nagarani Chava, one of the promoters of the company sold 18 Lakh equity shares of the Company at an average price of 366.91 per share at an aggregate value of INR 66.04 Crores, together 1.3% of the paid up capital of the Company.
Significant part of the above amount shall be utilized to release the pledge on their equity shares of the Company.
It may be recalled that the above promoters have purchased around 3% of the then paid up capital of the Company in the year 2018.
Laurus Labs is an Indian pharmaceutical company headquartered in Hyderabad.
The Company's major focus areas include anti-retroviral, Hepatitis C and Oncology drugs.
Most of the Laurus Labs manufacturing facilities are approved by major regulatory authorities USFDA, WHO-Geneva, UK-MHRA, etc.