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Promoter group to sell stake worth $316 million in India's Cipla, CNBC-TV18 reports

Reuters
·1-min read
Employees and security staff work at the reception area of Cipla at its headquarters in Mumbai

BENGALURU (Reuters) - Cipla's promoter group is looking to sell a 2.53% stake in India's third-largest drugmaker via a block deal worth 26.37 billion rupees (nearly $316 million), CNBC-TV18 reported on Tuesday, citing sources.

The promoter group will sell its stake in Cipla at a per-share price range of 1,289.5 rupees to 1,357.35 rupees, the report said.

The price range of the proposed stake sale means it will be sold at no more than the value of the stock's last closing price, which was 4% lower, at 1,357.35 rupees.

Cipla did not immediately respond to a Reuters request for comment.

The company, with a market capitalisation of over $13 billion, is known for making the anti-allergy drug Cetirizine.

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Local news media first reported in July 2023 that Cipla's top shareholders were in talks to sell a part of their stake in the company to private equity funds such as Blackstone and Baring Asia.

India's Torrent Pharmaceuticals was in talks with Apollo Global Management to borrow up to $1 billion for a bid to buy a stake in Cipla, Reuters reported last September.

The stake sale plan faced hurdles at the time as the promoters were not in agreement about the common valuation, ET Now had reported.

($1 = 83.4660 Indian rupees)

(Reporting by Manvi Pant and Ashna Teresa Britto in Bengaluru; Editing by Pooja Desai)