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Cipla promoters plan to sell 2.5% of stock for Rs.1849-Cr

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Promoters of drugmaker Cipla Ltd, Yusuf Khwaja Hamied and Mustafa Khwaja Hamied, will sell up to 2.5% of their stake in the company to institutional investors through a block trade that could fetch as much as INR 1,849 crore (USD 244.6 million). The block trade involves a base sale of a 2% stake with an option to increase the deal size to 2.5%. The shares are being offered in the price range of INR 904.8 to INR 916.7 per share. Cipla's promoters own a 36.11% stake in the company as of 31 December. Kotak Securities Ltd is acting as the sole broker for the secondary sale of equity shares of Cipla Ltd.