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Mumbai: Yusuf Hamied and Mustafa Hamied, promoters of Cipla, are selling as much as a 2.5% stake in the drugmaker through a block deal on Tuesday to raise up to ₹1,844 crore, according to a term sheet issued by Kotak Securities.
The floor price has been fixed in the range of ₹904.8 to ₹916.7 per share, a discount of up to 5.25% to Monday’s closing price of ₹955 on NSE. Queries emailed to Cipla and Kotak Securities did not elicit any response.
According to the term sheet seen by ET, the base deal would be to sell 1.6 crore shares, representing 2% of total shares outstanding, with an option to offload an additional 40 lakh shares or 0.5% of the total equity. Promoters held 36.11% stake in the company as of December 31, 2021. Cipla shares have gained 3.62% in the past one month compared to the 7.7% fall in the Nifty index.
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