Torrent Pharma shares sink 4% as reports suggest co is likely to acquire controlling stake in Cipla
时间:2024-06-26 10:54:09 阅读(143)
Torrent Pharma share price sank almost 4% in trade on Friday, falling for the third consecutive session, as reports suggested that the sixth large pharmaceutical player in India was likely to acquire the Hamied family’s stake in Cipla. Shares of the company touched an intraday low of Rs 1,772.05 apiece. The share price of Cipla sank around 1% to hit a low of Rs 1,244.70.
According to the ET NOW report, Torrent Pharma’s promoters are considering placing a bid for Cipla along with a consortium of private equity firms. Additionally, the reports suggested that Torrent Pharma has secured funding from international entities for this purpose. If the Cipla stake acquisition goes through, it might lead to an open offer with a potential transaction value between $6.5-7 billion.
In July, reports emerged that Cipla’s promoters were exploring a stake sale with PE firms such as Blackstone and BPEA EQT. YK Hamied, Chairman and MK Hamied, Vice Chairman are over 80 years old and lack a clear succession plan.
After the BSE sought clarification on the news report, Torrent Pharma refused to comment on the claims. In a filing with the exchanges, Torrent Pharma said, “The Company has noted that the news item refers to a potential sale of shares by its promoters pertaining to their involvement in the acquisition of Cipla’s shares. As a policy, the Company does not comment on speculative reports in the absence of verified data.”
猜你喜欢
- SC seeks views of Centre, SEBI on Hindenburg report on Adani firms
- SEBI board meet- Open market share buyback minimum utilisation raised to 75%; Keki Mistry proposals accepted
- Wall St Week Ahead-Strength in megacap stocks masks broader U
- 淐onsidering the FY21/FY22 (Annualised) EPS of Rs 11.64/Rs 15.50 on a post-issue basis, the company is going to list at a P/E of 28.00x/ 21.03x with a market cap of Rs 6,617 mn whereas its peers namely Jindal Saw and Ratnamani Metals & Tubes are trading at P/E of 5.99x and 31.74x,鈥 said analysts at Marwadi Financial Services. The brokerage had an 鈥楢void鈥 rating on the issue as the company has negative operating cash flows and geographic concentration of revenues. Holding similar views on valuations, analysts at Anand Rathi had earlier said that when compared to its listed peers, Venus seems to be richly priced. Anand Rathi had an Avoid Rating on the issue.
Analysts at Hem Securities, however, had positive views with a 鈥楽ubscribe鈥 rating. 鈥淐ompany is bringing the issue at price band of Rs 310-326 per share at p/e multiple of 21x on 9 Months FY22 EPS basis. Company with international Accreditations and product approvals is specialized in production of Stainless-Steel Pipes and Tubes with multi-fold demand of its Products & Customer Diversification.Hence we recommend 鈥淪ubscribe鈥 on issue,鈥 Hem Securities had said earlier.
- TVS Supply Chain IPO subscribed 2
- Sebi amends rules; introduces new option for appointment, removal of independent directors
- SBI board approves $2-billion fundraise via bonds for FY23
- Sebi may bring valuation norms for AIFs
- TVS Motor Company, Lupin, Bharti Airtel, Sun TV among 126 stocks that hit 52-week highs; 12 touch 52-week lows