Two Cipla Promoters Sell 20 Mn Shares; Promoter Group Now Holds 34.23%

Two senior members of the promoter family of homegrown pharmaceutical major Cipla Ltd on Tuesday sold over 2 crore shares representing 2.5 per cent of total issued and paid-up share capital, the company said in a regulatory filing.

Chairman Y K Hamied and Vice Chairman MK Hamied, who are non-executive directors and promoters, have sold 2,01,69,756 shares on Tuesday. Post this transaction, the promoter group will continue to hold 34.23 per cent in the company, Cipla Executive Vice Chairperson Samina Hamied said in a statement filed on the BSE.

The company, however, did not provide the value at which the shares were sold.

"The group remains fully committed and invested in the future of Cipla Ltd. The senior promoters, who are both in their 80s, intend to use the funds generated from this sale for personal purposes including philanthropy," she said, adding the promoter group does not plan to sell any further shares in the foreseeable future.

Cipla today is being led by the third generation of the founding family.

"As a family, we are fully committed to the organisation. I will continue to carry forward the Cipla legacy and drive the company into the future to achieve new goals and scale new heights," Samina Hamied said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor