Blackstone to submit bid for over 33% stake in Cipla, Hamied Family's exit process begins
Cipla’, according to a report published by Economic Times. With this, the eventual exit process of the Hamied family from the company started in 1935, will be formally started. Moneycontrol earlier reported that Cipla's top shareholders are in talks to sell around 33.47% of their stake in the company to private equity players including Blackstone and Baring Asia.
The company hired an investment bank to advise on the deal “Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirement) Regulations 2015 (Listing Regulations), we hereby clarify that the Company is not aware of any event that requires disclosure under Listing Regulations. The Company will make appropriate disclosure in compliance with the Listing Regulations as and when any such requirement arises," the company said in a regulatory filing. Drug major Cipla posted a 45.1% rise in its consolidated net profit in Q1FY24 at ₹995.7 crore as compared to ₹696.4 crore in the corresponding quarter of the last year.
The company’s revenue during the quarter ended June 2023 increased 17.7% to ₹6,328.9 crore from ₹5,375.2 crore, YoY, driven by performance in India, US and South Africa. The company’s US business reported the highest-ever revenue of $222 million, registering a growth of 43% YoY growth driven by robust momentum in differentiated portfolios. Cipla raised its EBITDA margin guidance for FY24 to 23% from 22% earlier.
The management raised its North America (NA) base business quarterly run-rate guidance to $210-215 million from $195 million earlier. Strong US sales growth and sustained momentum in the domestic market helped Cipla Q1 performance beat estimates. This led analysts to give bullish outlook on Cipla shares with most brokerage
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