Syngene International sees 4 crore shares sold in block deal, Biocon likely seller

As of December end, Biocon held 64.5 percent promoter stake in Syngene International. After the block deal, this will go down to 54.5 percent.

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Over four crore shares of Syngene International, equating to 9.97 percent stake, changed hands through a block deal window on February 1. While the buyers and sellers were not known immediately, it was reported earlier that Biocon would dilute its holding in the company.

At 9:20am, Syngene International was quoting at Rs 570.80 per share on the NSE, higher by 1.5 percent. At the same time, Biocon was also trading higher by 1.6 percent at Rs 238.95 on the NSE.

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On January 31, CNBC-TV18 reported that Biocon was likely to sell 10 percent equity stake in Syngene International to raise Rs 2,240 crore. The offer price band was fixed at Rs 560 to Rs 562.30 per share.