Syngene International Block Deal: Biocon likely to sell 2% stake at ₹825 per share

Biotechnology firm Biocon Ltd is likely to sell a 2% stake in contract research and manufacturing services firm Syngene International Ltd through block deals, with the indicative price for the sale pegged at ₹825 per share, sources privy to the developments told CNBC-TV18.

This represents a discount of 0-4.9% to the current market price (CMP) of ₹867.90 per share, sources in the know told CNBC-TV18. The total transaction size is 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.

Also Read: Motilal Oswal expects shares of this jewellery company to double from their IPO price

Syngene International posted revenue of ₹891 crore, down 2.1% over ₹910 crore in the corresponding quarter of the previous year. For 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.

Shares of Syngene International Ltd ended at ₹872.70, down by ₹47, or 5.11%, on the BSE.

Also Read: Tiger Logistics to raise ₹400 crore via equity shares, convertible instruments