Torrent Pharmaceuticals Ltd’s promoter, Torrent Investments Pvt. Ltd likely will sell up to 2.9% of its stake in the company through a block deal on Wednesday, October 30, according to sources. The transaction, if fully subscribed, could amount to a total deal size of ₹3,000 crore.

The base size of the deal is set at 2.4% of Torrent Pharma’s total equity, valued at ₹2,500 crore, with an additional upsize option of 0.5%, translating to another ₹500 crore.

The promoter has set an offer floor price of ₹3,022.71 per share for this stake sale, added sources, which would involve a 120-day lock-up period on further share sales by Torrent Investments.

As of the end of the second quarter, Torrent Investments held a substantial 71.25% stake in Torrent Pharma.

#NewsFlash | Promoter #TorrentInvestments to sell upto 2.9% stake of the company via #blockdeals.

Floor price at ₹3,022.71/sh, Base size is at 2.4% of total equity, upsize option 0.5% pic.twitter.com/blcbeliRlN

— CNBC-TV18 (@CNBCTV18Live) October 29, 2024

Shares of Torrent Pharma settled more than 3.3% lower on the NSE, quoting at ₹3,207 apiece. The stock has gained more than 39% so far this year. The scrip has corrected 5.6% in the last one month.