The promoters of drug maker Ajanta Pharma are looking to sell Rs 650 crore worth of shares via a block deal on Thursday (December 22), sources privy to the development told CNBC-TV18.
Promoter entities, Ayush Agarwal Trust and Ravi Agarwal Trust are looking to sell a 4.56 stake in the company, according to multiple people familiar with the development.
The lower end of the price range has been fixed at Rs 1,113, at a 5 percent discount from the current market price (CMP), according to multiple people familiar with the development.
As per the term sheet, there is a 90-day lock-in on further sale of shares, sources told CNBC-TV18.
The Mumbai-based drug maker operates eight manufacturing facilities in India and Mauritius, including two plants that have been approved by the US Food and Drug Administration (USFDA).
Ajanta Pharma currently employs over 7,000 people worldwide and its products are sold in over 30 countries, including in the US -- the world's largest market for pharmaceutical products.
First Published: Dec 21, 2022 9:02 PM IST
