Quant MF Sells Jubilant Pharmova Stake for Over Rs 100 Crore; Stock Falls Over 2%

New Delhi: Quant Mutual Fund has sold nearly 1 per cent stake in Jubilant Pharmova for over Rs 100 crore through an open market transaction, according to NSE data.

Quant Mutual Fund (Quant MF) offloaded 11 lakh shares, representing a 0.69 per cent stake in the Noida-based drugmaker, as per block deal data on the National Stock Exchange (NSE).

The transaction was executed on Monday at an average price of Rs 915 apiece, taking the deal value to Rs 100.65 crore.

The stake sale reduced Quant MF’s holding in Jubilant Pharmova to 1.16 per cent from 1.85 per cent.

Meanwhile, Abakkus Four2Eight Opportunities Fund, an alternative investment fund launched by Sunil Singhania’s Abakkus Asset Manager, acquired the same number of shares at the same price.

The purchase increased Abakkus Asset Manager’s holding in the pharmaceutical company to 1.84 per cent from 1.15 per cent.

Jubilant Pharmova’s shares fell 2.32 per cent to Rs 928.80 on the NSE on Tuesday, after the transaction was executed a day earlier.

Separately, Jubilant Pharmova’s board has approved raising of up to Rs 800 crore through the issuance of non-convertible debentures on a private placement basis, according to a regulatory filing on Monday.

Jubilant Pharmova has businesses spanning radiopharmaceuticals, allergy

immunotherapy, contract development and manufacturing of sterile injectables, contract research and development, generics and proprietary novel drugs.

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