Concord Biotech stock price down by more than 2% today

28 May 2024 , 10:40 AM

Concord Biotech Ltd. witnessed significant trades on Tuesday, with 37 lakh shares, representing 3.4% of total ownership, changing hands in a block sale. Following this development, the company’s counter plunged to an intraday low of ₹1,355 per share on NSE.

Shares traded at an average price of ₹1,401.25 per share, 6.2% over the floor price. The transaction value aggregated to ₹519 Crore.

According to reports on Monday, Ontario Inc. was planning to sell 3.4% of its entire interest in Concord Biotech in a block sale.

The floor price of ₹1,320 per share is 6.2% higher than Concord Biotech’s closing price on Monday.

Citigroup is the transaction’s only book runner. Ontario Inc will retain a 2% ownership in the company following the acquisition, and reports indicate that there may be a 90-day lock-in period before any sale of this residual stake.

At around 10.27 AM, Concord Biotech was trading 3.04% lower at ₹1,397 per share against the previous close of ₹1,440.75 on NSE.

Ontario Inc. was incorporated in 2005. The company’s line of business includes holding and owning bank securities with the sole goal of exerting some kind of control over the activities of the bank businesses whose securities they hold.

Concord Biotech Limited is a biotechnology research and development company that deals in fermentation, semi-synthetic, and synthesis-based products. Concord has grown significantly since its establishment in 2000, owing to diversification and process improvements.

Concord is well-known over the world for its products, with a strong presence in over 70 countries.

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