Torrent Investments Trims Stake in Torrent Pharma for Rs 3,086 Crore

Torrent Investments sold a 2.9% stake in Torrent Pharmaceuticals for Rs 3,086 crore, reducing its holding to 68.31%. The sale occurred in the price range of Rs 3,103.07 to Rs 3,104.40. Despite the stake reduction, Torrent Pharmaceuticals reported a profit rise of 17% in the recent quarter.

Torrent Investments, a promoter entity, has offloaded a 2.9% stake in Torrent Pharmaceuticals in a transaction valued at Rs 3,086 crore. The shares were sold in the price range of Rs 3,103.07 to Rs 3,104.40 apiece.

This sale has reduced the promoters' holding in Torrent Pharmaceuticals from 71.25% to 68.31%. Although the identities of the buyers remain unknown, the move comes as Torrent Pharmaceuticals reports a 17% increase in profit after tax for the September quarter.

The pharmaceutical company's total revenues rose to Rs 2,889 crore, driven by strong domestic market performance, particularly in focus therapies. Despite the stake sale, shares of Torrent Pharmaceuticals dipped 2.30%, closing at Rs 3,137.15 on the BSE.

(With inputs from agencies.)