SII CEO Adar Poonawalla exits Panacea Biotec, sells entire stake for Rs 118 crore

Serum Institute of India CEO Adar Poonawalla on Monday sold off his entire stake in Panacea Biotec of the firm for a whopping amount of Rs 118 crore. His 5.15%  shareholding of the firm was sold off through an open market transaction. The shares were picked by the Serum Institute of India (SII).

Panacea Biotec is a renowned contract manufacturer in the drug industry and is involved in the production of both human and animal vaccines.

The company was set up in the year 1984 and got listed in 1995 as Panacea Biotec Ltd.

Adar Poonawalla sold 31,57,034 scrips he held in the firm at a price of Rs 373.85 per share, as per BSE block deal data.

The evaluation of 31,57,034 scrips at the rate of Rs 373.85 per share took the total deal value to Rs 118.02 crores.

The shares were picked by SII at the same price, through a separate transaction.

As per shareholding data for March 2021 quarter, both Poonawalla and SII were public shareholders in the firm and held a 5.15% and 4.98% stake in Panacea, respectively.

Shares of Panacea Biotec on Monday ended at Rs 384.9 apiece, 1.16% higher over the previous close.

Meanwhile, the company has reached out to Bharat Biotech to produce the latter's COVID-19 vaccine Covaxin in order to ramp up production of the jab.