Torrent Investments, which facilitates Torrent Pharmaceuticals, sold 2.9% of its stake in the company on Wednesday, raising ₹3,086 crore via open market deals.
According to data from the Bombay Stock Exchange (BSE), the company sold 99.44 lakh shares at prices between ₹3,103.07 and ₹3,104.40 each. As a result of this sale, the promoter company’s total holding in Torrent Pharmaceuticals has dropped from 71.25% to 68.31%.
It’s clouded who bought these shares, as no details about the buyers were available on the BSE.
Quarterly Results:
- Torrent Pharmaceuticals recently posted a profit of ₹453 crore for the July-September quarter, a 17% increase from ₹386 crore in the same period last year.
- Revenue for the quarter grew to ₹2,889 crore, compared to ₹2,660 crore in the same period last year.
- Sales in India were especially strong, growing by 13% to ₹1,632 crore, driven by the company’s focus on key medicines.
Despite the deal, Torrent Pharmaceuticals’ share price fell 2.3% to ₹3,137.15 per share on the BSE at the end of Wednesday’s trading.
This sale reflects a transformation in the company’s ownership system, but business functions remain strong with solid growth in profits and revenues.
