Promoter Krishna Prasad Chigurupati has offloaded shares worth Rs 1,508.64 crore in Hyderabad-headquartered pharmaceutical manufacturing company Granules India through two open-market transactions on September 11.
Perhaps following the block deals, Granules India shares hit a new closing high of Rs 909.30 on the National Stock Exchange, gaining 1.12 percent amid high trading volumes.
The promoter sold 1.33 crore equity shares, representing a 5.36 percent stake in Granules India, at Rs 872.50 per share. The shares were acquired by several domestic and global investors, including Capital Group, Aditya Birla Sun Life AMC, Goldman Sachs and Kotak Mahindra Life Insurance, for a total of Rs 1,160 crore.
Krishna Prasad Chigurupati also pared another 39.04 lakh shares, or a 1.57 percent stake, for Rs 348.64 crore at Rs 892.84 per share.
In total, the promoter sold shares worth Rs 1,508.64 crore, reducing his stake in the company by 6.94 percent.