Biocon Shares Defy Block Deal Jitters, Rallying Over 5% After A 5.64% Stake Sale

Biocon Share Price: The shares of Kiran Mazumdar Shaw led Biocon Ltd rose 6% to hit an intraday high of Rs 435.35 apiece on Tuesday's trading session after a 5.64% stake sale by Mylan Inc via a block deal at a floor price of Rs 378.50 per share.

As per the latest data available, Biocon Ltd. shares worth Rs 3,680 crore have exchanged hands in the pre-open block deal window today.

As many as 9.2 crore shares or 5.64% of the company's outstanding equity has changed hands in the block deal. Mylan Inc was offered a 6% stake in Biocon after the Biocon Biologics deal, in which Biocon had acquired all of Mylan's stake in the Biologics unit in earlier this year via a share swap and cash.

The issue of shares to Mylan in Biocon was done through a preferential allotment. At the end of the quarter, promoters of Biocon had a 44.68% stake in the company.

Among public shareholders, Mutual Funds held a 15.49% stake in the company, while foreign portfolio investors had a 8.16% stake.

As many as 3.7 lakh retail shareholders, or those with authorised share capital of up to Rs 2 lakh, had a 5.78% stake, while retail investors with authorised share capital of more than Rs 2 lakh, had a 4.38% stake.

As of 9:30 AM, the shares of Biocon Ltd were trading 5.39 % higher at Rs 433.10 apiece.