Two Cipla promoters sell 20 mn shares; promoter group now holds 34.23%

Two Cipla promoters sell 20 mn shares; promoter group now holds 34.23%


Two senior members of the promoter family of homegrown pharmaceutical major Ltd on Tuesday sold over 2 crore shares representing 2.5 per cent of total issued and paid-up share capital, the company said in a regulatory filing.

Chairman Y K Hamied and Vice Chairman MK Hamied, who are non-executive directors and promoters, have sold 2,01,69,756 shares on Tuesday. Post this transaction, the promoter group will continue to hold 34.23 per cent in the company, Executive Vice Chairperson Samina Hamied said in a statement filed on the BSE.

The company, however, did not provide the value at which the shares were sold.

“The group remains fully committed and invested in the future of Ltd. The senior promoters, who are both in their 80s, intend to use the funds generated from this sale for personal purposes including philanthropy,” she said, adding the promoter group does not plan to sell any further shares in the foreseeable future.

Cipla today is being led by the third generation of the founding family.

“As a family, we are fully committed to the organisation. I will continue to carry forward the Cipla legacy and drive the company into the future to achieve new goals and scale new heights,” Samina Hamied said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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