Rakesh Shah Sells 1.5% Stake in Eris Lifesciences for Rs 200 Crore

Eris Lifesciences shareholder Rakesh Shah sold a 1.5 per cent stake in the company for Rs 200 crore through an open market transaction. The shares were sold at an average price of Rs 1,000.12 per piece. After this sale, Shah's holding in the company reduced to 3.38 per cent. Franklin Templeton Mutual Fund acquired some of the shares.

In a significant move, Rakesh Shah, a shareholder of Eris Lifesciences, divested a 1.5 per cent stake in the company, amounting to Rs 200 crore, this Monday through an open market transaction.

Bulk deal data from the National Stock Exchange (NSE) indicates that Shah sold 20 lakh shares at an average price of Rs 1,000.12 each. The transaction reduced Shah's stake in the Ahmedabad-based pharmaceutical company to 3.38 per cent from the previous 4.88 per cent.

Among the buyers, Franklin Templeton Mutual Fund acquired 10.94 lakh shares at an average price of Rs 1,000.04 per share, translating into a transaction value of Rs 109.42 crore. The identity of other buyers remains unknown. Following the sale, Eris Lifesciences' shares fell by 2.80 per cent to close at Rs 1,014 apiece on the NSE. Notably, Shah had also sold a 2 per cent stake for Rs 188.19 crore in July 2023.