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Biocon Ltd has divested 1.88% stake in its research arm Syngene International, for approx Rs.230 crore.
In a regulatory filing the company stated, “Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale.”
As per Syngene, the shares weresold by Biocon to achieve minimum public shareholding requirement. Further, post transaction, stake of promoter and promoter group in the company stands at 72.57%. Public shareholding is 25.90%.
