Capital Group's Strategic Divestment: Poly Medicure Stake Reduced

Capital Group divested a 1.8% stake in medtech firm Poly Medicure for Rs 302 crore through open market transactions, involving the sale of 18,37,064 shares by affiliate SmallCap World Fund Inc. Details of buyers were not disclosed. Poly Medicure shares fell post-transaction.

In a significant financial maneuver, US-based Capital Group divested a 1.8% stake in the medtech company Poly Medicure on Friday. The transaction, executed through open market sales, involved the sale of 18,37,064 shares, which amounted to Rs 302 crore.

According to bulk deal data available from stock exchanges NSE and BSE, Capital Group's affiliate, SmallCap World Fund Inc, managed the divestment process. The shares were sold at an average price of Rs 1,645 each. However, the identities of the buyers remain undisclosed.

As of the end of September, the SmallCap World Fund held a 2.02% stake in Poly Medicure, a city-based firm. Following the transaction, share prices of Poly Medicure experienced a slight decline, closing 1.49% down on the NSE and 1.39% on the BSE.

(With inputs from agencies.)