Two promoters of Cipla Ltd on Tuesday divested shares worth over Rs 1,835.6 crore in the firm, through open market transactions. This represents 2.5 per cent of the total shareholding of the company.
According to bulk deal data on the BSE, Mustafa Khwaja Hamied and Yusuf Khwaja Hamied offloaded 67.23 lakh shares and 1.34 crore scrips, respectively, for Rs 611.91 crore and Rs 1,223.69 crore, respectively.
According to a regulatory filing, the senior promoters “are both in their eighties, intend to use the funds generated from this sale for personal purposes including philanthropy”.
After this transaction, the promoter group will continue to hold 34.23 per cent in the company, it added.
The promoter group does not plan to sell any further shares in the foreseeable future, the filing further said.
Y.K. Hamied is the chairman and M.K. Hamied is the vice-chairman of the company. They are non-executive directors and promoters.