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Top shareholders of India's Cipla looking to sell stake
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Top shareholders of Indian drugmaker Cipla are in talks to sell a part of their stake in the company to private equity players including Blackstone and Baring Asia, Moneycontrol reported on Thursday.
The company is not aware of any event that requires disclosure under listing regulations, Cipla said in a exchange statement.
The drugmaker's shareholders are looking to sell a part of their total 33.47% stake in the firm to strategic investors who can oversee a revamp, help enhance capital allocation and improve operational efficiency, the report said, citing sources familiar with the matter.
The company has hired an investment bank to advise on the deal, the report said.
Cipla, Blackstone and Baring Asia did not immediately respond to Reuters' request for comment.
Shares of Cipla rose as much as 14%, hitting a record high of 1,219 rupees, after the report was published.
On Wednesday, the Cetirizine anti-allergic drugmaker posted a 45% growth in profit, beating expectations, on the back of strong sales.
