Promoter group entities to sell 4.6% stake in Ajanta Pharma via block deal Thursday

Ajanta Pharma Limited’s promoter group entities Ayush Agarwal Trust and Ravi Agarwal Trust plan to together sell 4.6% stake in the drugmaker through a block deal on Thursday, according to reports.

Through the sale, the entities are looking at raising close to Rs 650 crore. The minimum price they plan to offer for the sale is Rs 1,113, a 5% discount to the current market price.

On Wednesday, shares of Ajanta Pharma ended 0.6% higher on the National Stock Exchange at Rs 1,171.80.

As of September 30, the total promoter group holding in the company stood at 70.5%. Of this, the two promoter group entities together held 28.73% stake. Jefferies has been appointed as the broker to conduct the transaction.

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