Biocon to Divest 2% Stake in Syngene to Comply with Minimum Public Shareholding

Syngene International has announced that its parent, Biocon will divest 2% stake in Syngene. The stake sale will between May 16 to August 10, 2018. Biocon intends to sell total 40 lakh shares during this period. The stake sale is to achieve minimum public shareholding.

It has also announced that Biocon or any persons belonging to the promoter group, shall not buy any shares in the open market on the dates on which the shares of Syngene International are being sold by Biocon.

As per March 2018 shareholding pattern, Biocon holds 74.45% stake in Syngene, while public shareholders hold 24.02% stake, rest 1.53% stake is held by Non-Promoter-Non Public Entities. Post the divestment, Biocon’s stake in Syngene will be 72.4% while Public shareholding will be at 26% and rest 1.5% will be held by Non-Promoter-Non Public Entities.

Syngene International Ltd is currently trading at Rs625 down by Rs14.5 or 2.27% from its previous closing of Rs639.50 on the BSE.