Cipla shares are open sharply lower on Wednesday on large block transactions as part of where the promoter sells 2.5% of the company’s shares.
Stock down 3.64% to reach low Rs 920 on BSE. At 9:20 a.m., the script traded at Rs 921, down 3% from the previous closes.
Cipla told the exchange that Yusuf Hamied and Mustafa Hamied, both of them were eighties, had sold shares to raise funds for personal purposes including philanthropy. The promoter group does not plan to sell further shares in the future, he said. After this, the promoter group accommodated 34.23% of the company.
Previously, the report said Yusuf Hamied and Mustafa Hamied was to lower Cipla pegs through an agreement to improve the price of the floor in the RS 904.8-916.7 per share per share. It was translated to discounts up to 5.25% to the closing price of Monday RS 955 on NSE.
The report said the agreement would sell 1.6 crore shares, or two percent of the total outstanding shares, with the option to decrease 40 additional lakh shares or 0.5% of total equity. The promoter was held 36.11% from Cipla on December 31, whose shares rose 3.62% in the past month compared to a 7.7% decline in the nifty index during the same period.
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