Eight months after the promoter-stake-sale talks with Torrent Pharma broke down, certain members of the Hamied family, who established Cipla, are planning to sell shares through block sales, according to news reports.
According to them, Okasa Pharma, another promoter group company, and MK Hamied’s wife Shirin and their daughters Samina and Rumana will sell a stake of up to 2.53% for an estimated ₹2,637 Crore.
Days after the corporation released its best-ever yearly results, the move has sparked rumours that more deals of this nature might be forthcoming. News reports said that fractures within the family resulted from the $7 billion sale falling through after protracted negotiations last year.
The three individuals mentioned above possess 4.24% of Cipla, with Osaka Pharma owning the remaining 0.02%. At a price of ₹1,289.50-1,357.35 per share, they are willing to sell up to 20.45 million shares, for a total deal value of around ₹2,637 Crore ($316 million). That represents a 0-5% discount to Cipla’s Tuesday closing NSE price of ₹1,357.35.
As of the end of March, the promoters held 33.47% of the company’s shares in total.
The chairman Yusuf Hamied, his younger brother MK Hamied, and his daughter Samina are the three promoter family members serving on the Cipla board in non-executive roles.
The corporation stated that Samina’s resignation as executive vice chairperson in January was due to personal and family obligations. The board of the corporation has seven independent directors, in addition to Umang Vora, MD and worldwide CEO, and S Radhakrishnan, former CFO. MK Hamied and Yusuf are eighty years old.
On May 10, Cipla announced a 10% increase in revenue to ₹6,163 Crore and a 79% increase in fourth-quarter profit to ₹939 Crore. Its highest-ever ebitda margin of 24.6% was posted for FY24. Sales jumped 14% to ₹25,455 Crore, while profit increased 47% to a record ₹4,106 Crore for the year.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.