Cipla confirms promoters sold 2.53% stake, shares move up

Shares of pharmaceutical major Cipla Ltd opened in the green on bourses on Wednesday, and spiked by up to 4.8% after the company confirmed that its promoters have pared 2.53% of the overall stake.

The stake has been offloaded by Shirin Hamied, Rumana Hamied, and Samina Hamied – members of the promoter family – and Okasa Pharma Private Limited, which also categorised under the promoter group.

"Post transaction, the entire promoter group (including person acting in concert) continues to hold 31.67% in the company and remains committed to the future of Cipla Limited," it added.

Cipla shares surge

Following the announcement, Cipla shares surged by up to 4.8% to peak at ₹1,422.85 apiece on the National Stock Exchange (NSE). The stock pared some of the gains and was trading at ₹1,406.5 at 09:55 am, up 3.6%.

In 2024 so far, the shares of Cipla have grown by 12.6%, whereas the surge has been sharper at 52.6% in the past one year period.

Last week, Cipla declared its results for the quarter ended March 2024. The drugmaker's net profit zoomed 79% year-on-year to ₹932 crore, whereas the revenue from operations increased to ₹6,163.2 crore from ₹5,739.3 crore in the year-ago period.

The company also declared a dividend of ₹13 per equity share, subject to the approval of shareholders in the annual general meeting scheduled on August 20. The record date to determine the shareholders eligible for the dividend payout has been fixed as August 5.