Drugmaker Cipla has said that its promoters Dr Y K Hamied, Chairman and MK Hamied, Vice Chairman who are Non-Executive Directors, have sold 2.5 percent stake in the company for “personal purposes including philanthropy”.
According to reports, the sale would bring in about Rs 1800-odd crore.
In a clarification to the Bombay Stock Exchange, a note quoting Samina Hamied, Cipla’s Executive Vice Chairperson said, 2,01,69,756 shares (representing 2.5 percent of the total issued and paid-up share capital of the company) had been sold today.
Post transaction, the promoter group will continue to hold 34.23 percent in the company, the note said, adding that they remain fully committed and invested in the future of Cipla Limited. “The senior promoters who are both in their eighties, intend to use the funds generated from this sale for personal purposes including philanthropy. The promoter group does not plan to sell any further shares in the foreseeable future,” the note said.
“Cipla is being led by the third generation of the founding family. As a family, we are fully committed to the organisation. I will continue to carry forward the Cipla legacy and drive the company into the future – to achieve new goals and scale new heights,” the note from Samina, daughter of MK Hamied said.