Stocks

Two promoters of Laurus Labs sell shares to revoke pledge

Our Bureau Hyderabad | Updated on March 04, 2021

Laurus Labs on Thursday said that Satyanarayana Chava, its Founder Promoter, CEO & ED, sold 52 lakh shares of the company. The shares were sold on Thursday at an average price of ₹368.59, aggregating to ₹191.67 crore.

Nagarani Chava, one of the promoters of the company, also sold 18 lakh shares at an average price of ₹366.91.

“Significant part of the above amount shall be utilised to release the pledge on their equity shares of the company,” Laurus Labs said in a release.

It may be recalled that these promoters have purchased around 3 per cent of the then paid-up capital of the company in 2018.

Laurus Labs’ scrip gained 1.03 per cent on the BSE on Thursday at ₹368.35.

Published on March 04, 2021

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