In a block deal, nearly 98.9 lakh shares, which is 7.27% of Eris Lifesciences’ equity, changed hands in early trade on Thursday. The shares were traded at ₹1,201 per share, and the total deal value stood at ₹1,187 crore.
The identities of the buyers and sellers in the deal were not known immediately. Eris Lifesciences’ stock rose nearly 3% to ₹1,247.45 on the NSE from the previous close and surged to an intraday high of ₹1,250 after the block deal.
This surge in stock price comes on the back of a strong outperformance over the past few days, as the stock rose 3.75 percent in a few days. Notably, Franklin Templeton, in July, hiked its stake in Eris Lifesciences by buying an additional 0.8 percent equity for ₹109 crore, taking its total stake to 2.26 percent.
The transaction has garnered considerable eyeballs, putting a stamp on the strong positioning of Eris Lifesciences in the pharmaceutical industry.
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Frequently Asked Questions
What is the current shareholding pattern for Eris Lifesciences?
As of June 2024, the promoter stake stands at 54.88%, while FIIs hold around 14.59%, and DIIs have surged their stake to 16.23%. The public holds around 14.3% of the shares.
How has the stock performed lately?
On August 22, the stock witnessed a significant block deal, which propelled its value by 3% to close at ₹1,247.45 on the NSE.
What is driving interest in Eris Lifesciences?
Recent performance of the stock, Franklin Templeton increasing stake, and consistent growth in the pharmaceutical sector are driving interest among investors in this stock.
Are there any concerns or warnings?
Pharmaceuticals is a sector that is constantly under scrutiny and undergoes policy changes. How those would impact future stocks remains to be seen.
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