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Biocon sells 5.4% stake in Syngene International for Rs1,220 crore

The share sale took place through an open market transaction.

September 07, 2022 8:17 IST | India Infoline News Service

On Tuesday, pharmaceutical company Biocon sold a 5.4% share in Syngene International for just over Rs1,220 crore in an open market deal.


The promoter of Syngene International, Biocon, sold a total of 21,789,164 shares, according to bulk deal data made available by the BSE. The sale took place at an average price of Rs560.04 per share.


The share price of Syngene International has decreased by 2.38% to Rs565 per unit on the BSE.


One of the organizations that snatched up the company's shares was ICICI Prudential Mutual Fund. The ownership structure reported to the exchange indicated that as of June of this year, Biocon owned 69.99% of Syngene, compared to the promoters' holding of 70.29%.


Hatsun Agro Products promoter Raja Ganesan Chandramogan sold 27.2 lakh shares of the business in separate block sales for close to Rs269 crore.


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