Promoters of Cipla are looking to offload 2.53% stake worth Rs 2,637 crore in the company through a block deal in one or more tranches. The promoters — Shirin Hamied, Samina Hamied, Rumana Hamied and Okasa Pharma — would be offloading about 20.45 million shares, according to the term sheet reviewed by FE.
Shares are being offered at a price range of Rs 1,289.50-1,357.35, a discount of 0-5% compared with the closing share price of Rs 1,357.35 on the NSE on Tuesday. Kotak Securities is the sole bookrunner for the deal, which is expected to happen on Wednesday.
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At present, these promoters hold a total of 4.26% in the company with Shirin Hamied holding 0.79%, while that of Samina Hamied is at 2.22%. Rumana Hamied holds 1.23% stake and that by Okasa Pharma, a promoter group company, is 0.02%. The promoter group holds a 33.47% stake in the company, with the majority 13.4% held by MK Hamied, its non-executive vice chairman.
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In March, Samina Hamied stepped down as Cipla’s executive vice-chairperson, citing personal and family commitments, while she continues as a non-executive director Come from Sports betting site VPbet . The drugmaker had posted a consolidated net profit of `931.9 crore in the quarter ended March, a 79% rise from the year-ago period.
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