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Ahan-I Sells Stake in Biocon for Rs 380 Crore

Biocon Biologics received marketing authorisation from the MHRA in the UK for Yesafili.

On Friday, hedge fund Ahan-I Ltd sold a 1.57% stake in pharmaceutical company Biocon for Rs 380 crore through an open market transaction. The bulk deal data with NSE shows that Ahan-I Ltd sold 1,89,28,363 equity shares at an average price of Rs 200.74 per share.

As of the December quarter, Ahan-I Ltd owned a 2.15% stake. Following the sale, Biocon’s shares plunged 6.27% to close at Rs 207.95 per share on the NSE on Friday.

Kotak Special Situations Fund (KSSF) recently announced a Rs 1,070 crore investment in Indian bio-pharmaceutical major Biocon. The company plans to use the investment to fund its subsidiary Biocon Biologics’ purchase of Viatris’ biosimilars business to create a global, vertically integrated biosimilars player.

In another bulk deal, Vanguard bought a stake in supply chain firm Delhivery for Rs 309 crore in an open market transaction. The Vanguard total international stock index fund and Vanguard emerging markets Stock index fund Series A VEIF bought shares in the company. US-based Vanguard manages the funds.

Vanguard total global stock index fund and Vanguard emerging markets stock index fund Series A VEIF bought 95.60 lakh shares in the company, according to data provided by NSE. The shares were acquired at an average price of Rs 323.07 per share, bringing the transaction value to Rs 308.87 crore.

Biocon reported a net loss of Rs 42 crore for the quarter that ended December 2022, against a profit of Rs 187 crore in the year-ago period, due to an exceptional item of Rs 271 crore owing to Viatris deal-related expenses. Biocon’s revenue from operations climbed 35% to Rs 2,941 crore in Q3FY23, compared with Rs 2,174 crore a year ago.

According to Kiran Mazumdar-Shaw, Executive Chairperson of Biocon and Biocon Biologics, Q3FY23 marked the completion of the acquisition but only captured a fraction of the acquired business. The financials from Q4FY23 onwards are expected to recognise the entire biosimilars business.

The sellers of the shares were Integrated Core Strategies (Asia) Pte and Internet Fund III Pte Ltd, a fund managed by Tiger Global Management, which sold 9.44 million shares at Rs 320.83 to Rs 321.21 each. Shares of Delhivery fell 2.99% to close at Rs 321.45 on the NSE.

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