Biocon Sells Stake in Syngene International for Rs 686 Crore

Biocon Ltd divested a 2% stake in Syngene International, generating Rs 686 crore through an open market transaction. Kiran Mazumdar Shaw's Biocon sold 80 lakh shares at Rs 857.68 each. The promoter group's stake reduced to 52.72%. Syngene's stock subsequently rose, closing at Rs 880.45.

On Tuesday, Biocon Ltd, a major promoter of Syngene International, divested a significant 2% stake in the contract research and manufacturing company. The transaction, carried out through an open market deal, fetched a considerable sum of Rs 686 crore.

Under the leadership of billionaire Kiran Mazumdar Shaw, Biocon executed the sale via a bulk deal, offloading 80 lakh shares at an average price of Rs 857.68 each, as detailed on the Bombay Stock Exchange (BSE). This strategic move reduced the combined promoter and promoter group stake in Syngene from 54.72% to 52.72%.

While the identity of the buyers remains undisclosed, the market responded positively to the news, with shares of Syngene International rising by 1.50% to settle at Rs 880.45 on the BSE.

(With inputs from agencies.)