Concord Biotech public shareholder sells shares worth Rs 483 crore

A public shareholder of pharmaceutical company Concord Biotech on Tuesday sold a 3.4 per cent stake in the company for Rs 483 crore through an open market transaction.

According to the bulk deal data available with the National Stock Exchange (NSE), 1575773 Ontario Inc offloaded 35,48,211 shares, amounting to a 3.4 per cent stake in Concord Biotech.

The shares were disposed of at an average price of Rs 1,361.26 apiece, taking the deal value to Rs 483 crore.

After the stake sale, shareholding of 1575773 Ontario Inc in Concord Biotech has declined to 1.99 per cent from 5.39 per cent.

Meanwhile, Norges Bank, on account of the Government Pension Fund Global acquired 6 lakh shares or 0.57 per cent stake in Concord Biotech.

Details of the other buyers could not be ascertained.

On Tuesday, shares of Concord Biotech fell 2.41 per cent to close at Rs 1,406 apiece on the NSE.