Cipla CIPLA The promoter group is looking to sell a 2.53% stake in India's third-largest drugmaker through a block deal worth Rs 26.37 billion (nearly $316 million), the report said. Tuesday CNBC-TV18, citing sources.
The promoter group will sell its stake in Cipla at a per share price between Rs 1,289.5 and Rs 1,357.35, the report said.
The price range of the proposed stake sale means that it will be sold at no more than the last closing price of the stock, which was 4% lower at Rs 1,357.35.
Cipla did not immediately respond to a Reuters request for comment.
The company, with a market capitalization of more than $13 billion, is known for making the anti-allergy drug Cetirizine.
Local media first reported in July 2023 that Cipla's major shareholders were in talks to sell a portion of their stake in the company to private equity funds such as Blackstone.
BX and Baring Asia.
Torrent Pharmaceuticals from India 
TORNTPARMA was in talks with Apollo Global Management 
APO borrow up to $1 billion for a bid to buy a stake in Cipla, Reuters reported last September.
The stake sale plan faced hurdles at the time as the promoters disagreed on the common valuation, ET Now reported.
($1 = 83.4660 Indian rupees)
