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Adar Poonawalla sells off entire stake in Panacea Biotech

Adar Poonawalla, CEO of Serum Institute of India, sold his entire position in Panacea Biotec, amounting to 5.15 percent ownership of the company, for Rs 118 crore in an open market deal on Monday.

According to BSE block deal numbers, Poonawalla sold 31,57,034 scripts he owned in the company at a price of 373.85 per share, for a cumulative transaction value of 118.02 crore. Serum Institute of India (SII) purchased the stock at the same amount in a different deal.

According to shareholding data for the March 2021 portion, Poonawalla and SII were both public shareholders in the company, with a 5.15 percent and a 4.98 percent stake in Panacea, respectively.

Panacea Biotec shares closed at 384.9 on Monday, up 1.16 percent from the last day’s closing. It is a well-known contract producer in the pharmaceutical industry, producing both human and animal vaccines.The firm has approached Bharat Biotech about producing the latter’s Covid-19 vaccine Covaxin in order to increase production of the lifesaving vaccine, which is currently in short supply nationwide.

Further, Sarda Mines sold 227.66 crore worth of shares in Jindal Steel and Power Limited separately. Furthermore, around 52.74 lakh scripts were sold at a price of $431.62 each. On Monday, Jindal Steel and Power closed 4.65% higher at 436.55.

Khushi

Khushi is an avid reader and loves analyzing companies in the digital space. Her interest is in online marketing, business, startups, and politics. She does everything perfectly by taking extra time.
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