Foreign investors led by Abu Dhabi Investment Authority (ADIA), Aberdeen Group and Factory Mutual Insurance Company have acquired a combined 7.3 per cent stake in pharmaceutical company Corona Remedies for nearly Rs 777 crore through open market transactions.
The deal, executed through block trades on the National Stock Exchange (NSE), also saw participation from several domestic institutional investors, including Aditya Birla Sun Life Mutual Fund, HDFC Mutual Fund, WhiteOak Capital Mutual Fund, Invesco Mutual Fund and Kotak Mahindra Mutual Fund.
According to NSE data, 44.90 lakh equity shares, representing a 7.34 per cent stake in Corona Remedies, changed hands at an average price of Rs 1,730 per share. The total transaction value stood at Rs 776.91 crore.
The acquisition reflects continued investor interest in India's pharmaceutical sector and comes months after Corona Remedies' market debut.
Private equity firm ChrysCapital emerged as the principal seller in the transaction. Through its affiliate Sepia Investments Ltd, the firm sold 43.28 lakh shares, equivalent to a 7.07 per cent stake in the company. Anchor Partners also divested a 0.26 per cent stake by selling 1.61 lakh shares.
Following the transaction, Sepia Investments' shareholding in Corona Remedies declined to 12.69 per cent from 19.76 per cent.
Investor sentiment remained positive after the deal, with Corona Remedies shares rising nearly 3 per cent to Rs 1,840 on Thursday.