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On Monday, December 9, CNBC-TV18 reported, citing sources, that biotechnology firm Biocon Ltd was likely to sell 2% stake in Syngene International via block deals, with the indicative price for the sale pegged at ₹825 per share.
The total transaction size was estimated to be ₹660 crore. The deal will be subject to a lock-in period of 60 days, as per the terms of the block sale, the sources added.
At the end of the September quarter, Biocon Ltd held 54.45% stake in the company, as per data available on the stock exchanges.
In the September quarter, Syngene International posted a revenue of ₹891 crore, down 2.1% from the previous year’s ₹910 crore. or the half-year ending September 2024, total revenue stood at ₹1,680.7 crore, slightly lower than the ₹1,711.2 crore recorded during the same period in 2023. Net profit for Q2 FY2025 was ₹106.1 crore, 8.9% down from ₹116.5 crore in Q2 FY24.
The company’s expenses for the quarter reached ₹770.2 crore, lower than ₹773.6 crore in Q2 FY2024. The cost of chemicals, reagents, and consumables amounted to ₹230.8 crore, less than ₹241.8 crore in the same quarter last year. Employee benefits expenses rose to ₹251.5 crore from ₹225.5 crore.
Syngene International shares were trading 3.27% higher at ₹896.3 apiece on Monday, December 9. The stock has gained 26.19% in the past six months.
First Published: Dec 10, 2024 9:21 AM IST
