Torrent Pharma promoter offloads 2.9 percent stake for Rs 3086 crore

Written by Ruchika Sharma Published On 2024-11-05T12:30:06+05:30 | Updated On 5 Nov 2024 12:30 PM IST

Torrent Pharma promoter sells 2.9 pc stake

New Delhi: Torrent Investments, a promoter entity of Torrent Pharmaceuticals, has offloaded a total of 99.44 lakh shares or 2.94 per cent stake in the company. This sale was conducted through open market transactions and generated proceeds of approximately Rs 3,086 crore.

The shares were sold in the price range of Rs 3,103.07-3,104.40 apiece, taking the combined transaction value to Rs 3,086.37 crore.

According to PTI, the combined holding of promoters of Torrent Pharmaceuticals has come down to 68.31 per cent from 71.25 per cent after the stake sale.

Details of the buyers of Torrent Pharmaceuticals' shares could not be ascertained on the BSE.

Last week, Torrent Pharmaceuticals reported its consolidated profit after tax rose 17 per cent to Rs 453 crore in the September quarter, led by robust sales in the domestic market.

The drug firm had reported a profit after tax (PAT) of Rs 386 crore in the July-September period of the last fiscal.

During the period under review, revenues rose to Rs 2,889 crore compared to Rs 2,660 crore in the year-ago period.

The company said its India revenues increased 13 per cent to Rs 1,632 crore, led by outperformance in focus therapies, it added.

Read also: Torrent Pharma is said to seek raising USD 3 billion for KKR stake in JB Chemicals: Report

Torrent Pharma is an Indian multinational pharmaceutical company headquartered in Ahmedabad, India. The company specializes in therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI) and women healthcare (WHC).

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Source : with inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751