Mumbai: Stocks of Sun Pharmaceutical made a comeback at the bourses Wednesday, rising nearly 3 percent, a day after Japanese drugmaker Daiichi Sankyo sold its entire stake of around 9 percent in the company for Rs 20,025 crore.
After making a positive opening, shares of the company further gained 2.84 percent to Rs 978.65 at the BSE.
On the NSE, it climbed 2.8 percent to Rs 978.90.
The stock had received severe drubbing yesterday, falling nearly 9 percent.
The shares were sold through numerous block deals in stock markets, including to an investment arm of the Singapore Government and foreign fund houses Goldman Sachs and Aranda Investment.
Daiichi, which had forayed into the growing Indian pharmaceutical market by buying a majority stake in Ranbaxy Laboratories in 2008 for Rs 22,000 crore from the company's then promoters Malvinder and Shivinder Mohan Singh, sold a total of over 21 crore shares in Sun Pharma.
In a statement Daiichi had said: "The sale of Sun Pharma shares has been completed" and it no more holds any stake.
As per the stock exchange data Daiichi sold the shares at a price of Rs 931.58 each, netting Rs 20,025 crore.
Among the buyers, Government of Singapore purchased 1.26 crore shares for Rs 1,174 crore, Goldman Sachs Singapore picked up 5.12 crore shares for Rs 4,764 crore, while Aranda Investment Mauritius Pte Ltd bought over 2 crore shares for Rs 1,875 crore.
Last month, Sun Pharma had announced completion of merger of Ranbaxy with itself, almost a year after announcing the USD 4-billion deal.
