In a significant move, Torrent Pharma's promoters are reportedly set to sell shares valued at up to ₹3,000 crore through block deals.
According to a report from CNBC-TV18 on October 29, Torrent Investments Private Limited, the promoter entity, is expected to offload up to 2.9 percent of the company's shares.
The shares are anticipated to be sold at a floor price of ₹3,022.7 each, representing a nearly six percent discount to the current market price.
This strategy aims to attract investors while accommodating the promoters’ objectives.
The base size for the share sale is approximately 83 lakh shares, equating to about 2.4 percent of Torrent Pharma’s total equity, valued at around ₹2,500 crore.
Additionally, there is a greenshoe option of 16.5 lakh shares, which would add another ₹500 crore to the overall transaction, as reported by CNBC-Awaaz.
It's important to note that the promoters will impose a lock-up period of 120 days for any further sale of shares, allowing for stability post-transaction.
On the trading front, Torrent Pharma's shares closed at ₹3,207 apiece on the NSE on October 29, marking a decline of 3.31 percent for the day.
As of September 30, 2024, Torrent Investments held a significant 71.25 percent stake in Torrent Pharma, according to exchange data.
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Torrent Pharma Promoters Plan to Sell Shares Worth Up to ₹3,000 Crore via Block Deals
Large Cap
October 30, 2024, 3:53 pm
Torrent Pharma's promoters plan to sell shares worth up to ₹3,000 crore, with a floor price of ₹3,022.7 each, reflecting a nearly six percent discount. The sale involves up to 2.9 percent of shares, with a 120-day lock-up period following the transaction.
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