ChrysCapital pares stake in Eris Lifesciences; stock slips ~3%

23 Aug 2024 , 12:30 PM

ChrysCapital sold its 7.27% stake in Eris Lifesciences for ₹1,187 Crore in an open market transaction on Thursday. Infinity Partners acquired shares in the company.

Eris Lifesciences Ltd is a publicly traded Indian pharmaceutical business that is a dominant participant in the home branded formulations industry.

According to block deal data accessible on the National Stock Exchange (NSE), ChrysCapital’s affiliate Emerald Investment Ltd sold 98,86,882 shares, representing a 7.27% stake in Ahmedabad-based Eris Lifesciences.

The shares were sold at an average price of ₹1,201 each, totalling ₹1,187.41 Crore. Infinity Partners acquired these shares at the same price, according to exchange records.

Eris Lifesciences reported a 4.5% year-on-year fall in consolidated earnings after tax to ₹89 Crore for the June 30, 2024 quarter.

Eris Lifesciences Limited is an India-based firm that manufactures and markets medicinal goods. The Company’s production unit is in Guwahati, Assam.

The drug firm declared a profit after tax of ₹94 Crore in the April-June quarter of the previous fiscal year. Revenue increased to ₹720 Crore in the first quarter of 2024-25, up from ₹467 Crore the previous year.

At around 12.09 PM, Eris Lifesciences was trading 2.42% lower at ₹1,208.85 per piece, against the previous close of ₹1,238.85 on NSE. The counter touched an intraday high and low of ₹1,250.70, and ₹1,206, respectively.

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