Market News
2 min read | Updated on October 30, 2024, 11:51 IST
SUMMARY
Last evening, reports surfaced that Torrent Pharmaceuticals’ promoter, Torrent Investments, was expected to sell up to 2.9% of its stake in the company through a block deal today.
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At 11:35 AM, the stock was trading 2.39% lower at ₹3,134.20 on the BSE.
At 11:35 AM, the stock was trading 2.39% lower at ₹3,134.20 on the BSE.
Last evening, reports surfaced that Torrent Pharmaceuticals’ promoter, Torrent Investments, was expected to sell up to 2.9% of its stake in the company through a block deal today.
The transaction, if fully subscribed, could amount to a total deal size of ₹3,000 crore, said a report by CNBC-TV18.
The base size of the deal was 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 floor price was set at ₹3,022.71 per share, which would involve a 120-day lock-up period on further share sales by Torrent Investments.
As of September 2024, Torrent Investments Private Limited, the promoter of Torrent Pharma, held a 71.25% stake in the company, the shareholding pattern data shows.
For the quarter ended September 30, 2024, Torrent Pharmaceuticals reported consolidated profit after tax of ₹453 crore, up 17%, led by robust sales in the domestic market.
The drug firm had reported a profit after tax (PAT) of ₹386 crore in the July-September period of the last fiscal.
During the period under review, revenues rose to ₹2,889 crore compared to ₹2,660 crore in the year-ago period.
The drugmaker also recorded robust sales growth across markets like Brazil, Germany, and the US in the September quarter.
Torrent said its insulin revenues were impacted in the second quarter due to a scheduled shutdown taken in August for maintenance activities. The facility will be released for manufacturing in December, it added.
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