ADIA, Aberdeen Group, Others Buy 7.3 PC Stake in Corona Remedies for Rs 777 Cr

New Delhi: Foreign investors led by Abu Dhabi Investment Authority (ADIA) Aberdeen Group and Factory Mutual Insurance Company bought a combined 7.3 per cent stake in Corona Remedies for Rs 777 crore through open market transactions.

Following the stake purchase, shares of Corona Remedies rose nearly 3 per cent on Thursday to trade at Rs 1,840 apiece on the National Stock Exchange (NSE).

Domestic mutual funds and investment firms, including Aditya Birla Sun Life Mutual Fund (MF), WhiteOak Capital MF, HDFC MF, Invesco MF, and Kotak Mahindra MF, also participated in the transaction, according to block deal data on the NSE.

TCW White Oak Emerging Markets Equity Fund, and Ashoka WhiteOak Capital were also among the buyers.

A total of 44.90 lakh equity shares, representing a 7.34 per cent stake in pharma firm Corona Remedies, changed hands on Wednesday at an average price of Rs 1,730 apiece, taking the combined deal value to Rs 776.91 crore.

The transaction signals a strong institutional interest in the pharmaceutical company.

Meanwhile, PE firm ChrysCapital, through its affiliate Sepia Investments Ltd, offloaded 43.28 lakh shares, amounting to a 7.07 per cent stake in Corona Remedies, while Anchor Partners sold 1.61 lakh shares or 0.26 per cent holding in the firm.

After the stake sale, Sepia Investments’ holding in Corona Remedies dropped to 12.69 per cent from 19.76 per cent.

The deal marks a significant monetisation by ChrysCapital, which had backed Corona Remedies before the drugmaker’s market debut.

Headquartered in Ahmedabad, Corona Remedies is a pharmaceutical formulation company engaged in developing, manufacturing and marketing products in women’s healthcare, cardio-diabeto, pain management, urology and other therapeutic areas.

(Disclaimer: Except for the headline, this article has not been edited by HDFC Sky editorial team and is auto-generated from PTI feed.)