Ajanta Pharma Promoter entities sell 4.3 percent stake for Rs 637 crore
New Delhi: Promoter entities of Ajanta Pharma has divested 4.3 percent stake in the company for Rs 637 crore through open market transactions.
The buyers included over two dozen funds such as UTI Mutual Fund (MF), Aditya Birla Sun Life MF, Franklin Templeton MF, ICICI Prudential MF, Mirae Asset MF, Abu Dhabi Investment Authority and Tata AIA Life Insurance Company, among others.
Aayush Agrawal Trust and Ravi Agrawal Trust offloaded a total of 54,92,846 shares, amounting to 4.3 percent stake in Ajanta Pharma, as per block deal data with the National Stock Exchange (NSE).
The shares were offloaded at an average price of Rs 1,160.1 per scrip, taking the transaction value to Rs 637.22 crore.
Following the stake sale, the promoter and promoter group entities' shareholding has come down to 66.18 percent from 70.48 percent.
Ajanta Pharma's shares closed 5.22 percent higher at Rs 1,233 apiece on NSE.
Mumbai-based Ajanta Pharma is a speciality pharmaceutical formulation company. Its business includes Branded Generics in India and Emerging Markets of Asia and Africa; Generics in USA; and Institution Sales in Africa. Ajanta Pharma operates 7 state-of-the-art manufacturing facilities in India. Out of this, 6 facilities manufacture finished formulations and 1 manufactures Active Pharmaceutical Ingredients (APIs), primarily for captive consumption. Stringent authorities like the USFDA and WHO have approved the company's facilities at Paithan in Maharashtra and Dahej in Gujarat.
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