Biocon sells 1.88% stake in Syngene for Rs 230 cr

Biocon Ltd has sold close to 2% stake in its research arm Syngene International for an estimated Rs 230 crore.

"Biocon, the promoter of Syngene International, on May 16, 2018 has sold 37,65,574 equity shares amounting to 1.88% of the equity share capital of Syngene through open market sale," Biocon said in a regulatory filing.

In a separate filing, Syngene said Biocon has sold the shares for achieving minimum public shareholding requirement.

Based on average weighted price of Syngene's shares on May 16 at Rs 611.02 apiece, the transaction is estimated at Rs 230.08 crore.

Post transaction, stake of promoter and promoter group in the company stands at 72.57%. Public shareholding is 25.90%.

Shares of Syngene International were trading 0.14% lower at Rs 605.50 apiece on BSE.