Ajanta Pharma has informed that two of it’s prom0ter entities have sold stake totalling 4.38% into the Company through open market transactions.
- Total Promoter stake consequently has reduced from 70.48% to 66.1%
- Stake has been sold by Aayush M. Agrawal, trustee Aayush Agrawal Trust (3.03%) and Ravi P. Agrawal, Trustee Ravi Agrawal Trust (1.35%)
- Reports suggest that the shares were offloaded at an average price of Rs 1,160.1/ share, taking the transaction value to Rs 637.22 crore. The buyers included over two dozen funds such as UTI Mutual Fund, Aditya Birla Sun Life MF, Franklin Templeton MF, ICICI Prudential MF, Mirae Asset MF, Abu Dhabi Investment Authority and Tata AIA Life Insurance Company
- Company has informed the above two promoters do not have any executive role in the company and propose to utilise the funds for financing their respective private businesses, including repayment of loans taken against pledge of shares of the Company.