Torrent Pharma promoter to pare 2.9% stake via block deal

30 Oct 2024 , 11:48 AM

Torrent Pharmaceuticals’ promoter is expected to sell a 2.9% share in the firm worth ₹3,000 Crore in a block auction on Wednesday. The promoter is set to issue 8.27 million shares at a discount of 6% per equity share over the current market price, according to reports.

This will include a greenshoe option of 1.65 lakh shares, which represents 0.5% of the equity.

According to the article, Kotak Securities and Citigroup will most likely serve as bankers for the Torrent Pharma transaction.

Torrent Pharma shares closed Tuesday’s session at ₹3,207 on the NSE, down ₹109.70 or 3.31% from Monday’s closing price.

Torrent Investments Private Limited is the company’s promoter, having a 71.25% interest as of September 30, 2024.

Torrent Pharmaceuticals reported a consolidated profit after tax (PAT) of ₹453 Crore in the September quarter, up 17% on strong domestic sales. The drug company declared a PAT of ₹386 Crore for the July-September period of the previous fiscal.

Torrent Pharmaceuticals said in a regulatory filing that revenues increased to ₹2,889 Crore during the reviewed period, up from ₹2,660 Crore the previous year.

The business reported a 13% growth in India revenues to ₹1,632 Crore, driven by outperformance in focus therapies. 

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