As many as 1.04 crore chares or 3.1% equity of Torrent Pharma worth ₹3,238.9 crore, changed hands in block deal at ₹3,108 per share on Wednesday, October 30, 2024.

On Tuesday, sources told CNBC-TV18 that Torrent Investments Pvt. Ltd was likely to sell up to 2.9% of its stake in the company via block deal. The transaction, if fully subscribed, could amount to a total deal size of ₹3,000 crore, sources said.

The base size of the deal was to be 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 had 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

Torrent Pharma shares were trading 3.03% lower at ₹3,118.15 apiece at 9.25 am on Wendesday, October 30. The stock has gained 36% this year, so far.

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