Biocon shares increased 6 percent to reach an intraday peak of 435.35 rupees during Tuesday trading. The move followed a 5.64 percent stake sale by Mylan Inc through a block deal at a minimum price of 378.50 rupees per share.
Data showed Biocon shares valued at 3,680 crore rupees changed hands in the pre-open block deal window. In total, 9.2 crore shares representing 5.64 percent of equity were transferred. Mylan had received a 6 percent holding in Biocon after an earlier Biocon Biologics transaction in which Biocon acquired Mylan’s interest in the unit through a share swap and cash payment.
The shares were issued to Mylan via preferential allotment. Promoters held 44.68 percent of the company at the end of the quarter.
Among public investors, mutual funds owned 15.49 percent while foreign portfolio investors held 8.16 percent. Retail shareholders with holdings up to 2 lakh rupees numbered 3.7 lakh and accounted for 5.78 percent, and those with larger holdings held 4.38 percent.
