Alkem Labs' Shares Sold by Promoter Seema Singh for Rs 177 Crore

Seema Singh, a promoter of Alkem Laboratories, sold shares worth Rs 177 crore through an open market transaction. She offloaded 3,58,695 shares at an average price of Rs 4,956 each. Prominent buyers included Aditya Birla Sun Life Mutual Fund and ICICI Prudential Life Insurance Company. The company's stock rose 1.58% following the transaction.

Seema Singh, a prominent promoter of Alkem Laboratories, executed a significant sale of the company's shares, amassing Rs 177 crore via an open market transaction. Singh divested a total of 3,58,695 shares at a going rate of Rs 4,956 per share, signaling a 0.3 per cent stake in the enterprise.

According to the National Stock Exchange (NSE) block deal data, the transaction attracted key institutional investors such as Aditya Birla Sun Life Mutual Fund and ICICI Prudential Life Insurance Company. In response to the substantial dealings, Alkem Laboratories' shares saw an uptick, closing at Rs 5,085 apiece, reflecting a 1.58 per cent increase.

This move comes as part of a series of notable market activities involving other companies such as Dodla Dairy and DCB Bank, where significant stake transactions also took place across prominent mutual funds and financial entities.