Biocon Shares Trade Lower After Mylan Exit; Entire 5.64% Stake Sold for Rs 3,679 Crore

Mumbai, July 15: Mylan Inc, a part of global healthcare company Viatris, exited Biocon Ltd by selling its entire 5.64 per cent stake for Rs 3,679 crore through open market transactions. Biocon shares were trading lower early on Wednesday.

A total of 9,19,67,019 equity shares, representing a 5.64 per cent stake in Biocon, were offloaded by Mylan Inc, according to the bulk and block deal data available on the BSE and the National Stock Exchange (NSE).

Mylan sold 4,59,83,510 shares on the BSE, and 4,59,83,509 shares on the NSE at an average price of Rs 400 apiece, as per the data. This took the combined transaction value to Rs 3,678.68 crore.

Details of buyers of Biocon’s shares could not be ascertained on the BSE.

Stock Market Snapshot

Biocon share price traded lower in early deals on Wednesday, extending mild losses after opening flat.

The stock was trading at ₹435.25, down 0.47%, as of 9:19 AM IST on July 15. It opened at ₹438.00 and traded in the ₹434.20 to ₹438.00 range during the morning, according to NSE data.

Selling pressure kept the stock below its previous closing price of ₹437.30, with the shares hovering near the lower end of the day’s trading range in early trade.

Shares of Biocon climbed 6.52 per cent to close at Rs 437.30 apiece on the BSE on Tuesday, while the scrip rose 6.34 per cent to settle at Rs 437 per piece on the NSE.

Investors Buy Shares

Meanwhile, a clutch of domestic mutual funds, insurance companies and foreign investors purchased an equal number of Biocon’s shares at the same price on the NSE.

ICICI Prudential Mutual Fund (MF), Kotak Mahindra MF, HDFC MF, Aditya Birla Sunlife MF, SBI MF, ICICI Prudential Life Insurance Company, Bajaj Life Insurance, and Axis Max Life Insurance bought shares of the biotechnology major.

Other foreign investors participating in the transaction included BNP Paribas Arbitrage, Citigroup Global Markets Singapore, Goldman Sachs Bank Europe SE, Norway’s Government Pension Fund Global, NRSGVCC and Ghisallo Capital Management.

(With PTI inputs)

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