New Delhi: Torrent Investments, a promoter entity of Torrent Pharmaceuticals, has offloaded a total of 99.44 lakh shares or 2.94 per cent stake in the company. This sale was conducted through open market transactions and generated proceeds of approximately Rs 3,086 crore.The shares were sold in the price range of Rs 3,103.07-3,104.40 apiece, taking the combined transaction value to Rs 3,086.37 crore.According to PTI, the combined holding of promoters of Torrent Pharmaceuticals has come down to 68.31 per cent from 71.25 per cent after the stake sale.Details of the buyers of Torrent Pharmaceuticals’ shares could not be ascertained on the BSE.Last week, Torrent Pharmaceuticals reported its consolidated profit after tax rose 17 per cent to Rs 453 crore in the September quarter, led by robust sales in the domestic market.The drug firm had reported a profit after tax (PAT) of Rs 386 crore in the July-September period of the last fiscal.During the period under review, revenues rose to Rs 2,889 crore compared to Rs 2,660 crore in the year-ago period.The company said its India revenues increased 13 per cent to Rs 1,632 crore, led by outperformance in focus therapies, it added.Read also: Torrent Pharma is said to seek raising USD 3 billion for KKR stake in JB Chemicals: ReportTorrent Pharma is an Indian multinational pharmaceutical company headquartered in Ahmedabad, India. The company specializes in therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI) and women healthcare (WHC).
Read also: Torrent Pharma is said to seek raising USD 3 billion for KKR stake in JB Chemicals: Report