Ajanta Pharma Ltd., a company primarily engaged in the development, manufacture, and marketing of specialty pharmaceutical finished dosages, on Thursday announced that two of its non-executive promoters have sold a 4.38 percent stake in the firm through open market transactions.
Aayush M. Agrawal, a trustee of Aayush Agrawal Trust, sold 38.79 lakh shares, or roughly 3.03 percent stake in Ajanta Pharma on Thursday. Ravi P. Agrawal, a trustee of Ravi Agrawal Trust, has sold another 17.24 lakh shares, or 1.35 percent stake in the firm.
Both the sellers sold the shares at an average price of Rs 1,160.1 apiece. On Thursday, the stock surged over 6 percent to close at Rs 1,244.25 after the transactions were executed.
Notably, the two promoters who sold shares did not have any executive role in the company and proposed to utilise these funds for financing their respective private businesses, including repayment of loans taken against a pledge of shares of the company.
Nippon India Mutual Fund and ICICI Prudential Mutual Fund bought 7.15 lakh and 10.8 lakh shares, respectively, of Ajanta Pharma on Thursday at an average price of Rs 1,160.1 apiece.
The stock has fallen nearly 11 percent in the past year compared to a 7 percent rise in the benchmark Nifty 50 index.
Ajanta Pharma, a Mumbai-based drug maker, operates eight manufacturing facilities in India and Mauritius, including two plants that have been approved by the United States Food and Drug Administration (USFDA). It currently employs over 7,000 people worldwide and its products are sold in over 30 countries, including in the US.
Shares of Ajanta Pharma are trading 0.57 percent higher at Rs 1,234.45.
(Edited by : Rukmani Krishna)
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