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Adar Poonawalla exits Panacea Biotec; sells entire stake for Rs.118 crore

By Priyanka Verma 
Updated Date

Serum Institute of India CEO Adar Poonawalla on Monday offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm for ₹118 crore, through an open market transaction.

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The shares were picked by Serum Institute of India (SII),according to news agency.

As per BSE block deal data, Poonawalla sold 31,57,034 scrips he held in the firm at a price of ₹373.85 per share, taking the total deal value to ₹118.02 crore.

The shares were picked by SII at the same price, through a separate transaction.

As per shareholding data for March 2021 quarter, both Poonawalla and SII were public shareholders in the firm and held 5.15 per cent and 4.98 per cent stake in Panacea, respectively.

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Shares of Panacea Biotec on Monday ended at ₹384.9 apiece, 1.16 per cent higher over the previous close.

Separately, Sarda Mines sold shares worth ₹227.66 crore in Jindal Steel and Power Ltd.

Over 52.74 lakh scrips were offloaded at the price of ₹431.62 apiece.

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