Biocon shares rise 8% on Mylan's ₹3,481 crore block deal
after close1 source ↓written by the desknot a recommendation
- in early trade
- 8%
- involves
- 9.2 crore shares
- valued
- ₹3,481 crore
- per share
- ₹378.50
- to the previous
- 7.9% discount
Biocon shares surged 8% in early trade as Mylan, owned by Viatris, initiated a block deal to sell its entire stake in the biopharmaceutical firm. The transaction involves up to 9.2 crore shares, valued at ₹3,481 crore, with a floor price of ₹378.50 per share, indicating a 7.9% discount to the previous closing price. This move marks Mylan's exit from Biocon, driving significant trading activity.
Not investment advice. For informational purposes only.