Adar Poonawalla offloads but Serum Institute of India continues to hold 9.83% stake in Panacea Biotec
Adar Poonawalla offloads but Serum Institute of India continues to hold 9.83% stake in Panacea Biotec
AFP File Photo

Although Serum Institute of India (SII) CEO Adar Poonawalla on Monday offloaded his entire stake in Panacea Biotec amounting to 5.15 per cent shareholding of the firm, SII continues to hold 9.83 per cent stake in Panacea Biotec.

The listed company informed the exchange that Poonawalla’s company SII through various holding and investing companies has a 9.83 per cent stake in Panacea Biotec.

After Poonawalla sold a 5.15 per cent stake, the shares were picked by SII. Now, SII continues to hold 60.18 lakh equity shares in the company. Before the sale and acquisition on May 17, SII held a 9.83 per cent stake in the company.

After reports that Poonawalla sold his entire stake in the listed company, its stock fell by 4 per cent. The share of Panacea Biotec touched an intraday low of Rs 370.80 per share. However, the stock ended at 2.99 per cent lower at Rs 373.40 against the previous close of Rs 384.90.

Panacea Biotec is one of the leading vaccine and pharmaceutical producers in India who along with the Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) will produce 100 million doses per year of Sputnik V.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in