Rs 1,839 crore Biocon block deal: ICICI Pru MF biggest buyer along with Citi and Goldman Sachs

Mylan Inc sold shares worth Rs 1,839 crore in Biocon through a block deal on Tuesday, with several domestic mutual funds, insurers and foreign investors picking up the stock. According to exchange data, Mylan sold 4.59 crore shares of Biocon at Rs 400 apiece. The total value of the sell-side transaction stood at Rs 1,839 crore.

The deal saw strong institutional participation on the buy side. ICICI Prudential MF was the largest buyer, acquiring 1.84 crore shares at Rs 400 each, translating into an investment of Rs 737 crore.

HDFC Mutual Fund bought 58.29 lakh shares for about Rs 233 crore, while Kotak Mahindra Mutual Fund purchased 58.29 lakh shares for nearly Rs 233 crore. SBI Mutual Fund bought 18.75 lakh shares worth Rs 75 crore.

Aditya Birla Sun Life Mutual Fund and ICICI Prudential Life Insurance Company bought 12,50,000 shares each, worth Rs 50 crore apiece. Franklin Templeton Mutual Fund and Mirae Asset Mutual Fund each purchased 9,37,500 shares, valued at Rs 37.5 crore.

Other buyers included UTI Mutual Fund, Axis Mutual Fund, Edelweiss Mutual Fund, Tata Mutual Fund, Motilal Oswal Mutual Fund, 360 One Mutual Fund, Bajaj Life Insurance, Axis Max Life Insurance, BNP Paribas Arbitrage, Citigroup Global Markets Singapore, Goldman Sachs Bank Europe, Ghisallo Master Fund, Norges Bank and Sanatan Financial Advisory Services.

The deal comes at a time when Biocon remains a closely tracked stock in the pharma and biotechnology space. The company has a presence across generics, biosimilars and research services through its group businesses. Investors have been watching its debt reduction efforts, biosimilars growth, margin recovery and regulatory updates.

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