Adar Poonawalla Sells His Stakes In Panacea Biotech For Rs 118 Cr
Adar Poonawalla on May 17 transferred his entire 5.15% stake in Panacea Biotech to his company Serum Institute of India for Rs 118 crore. In an open market transaction, Poonawalla sold 3.15 million shares of Panacea Biotech at Rs 373.85 each. SII was already holding 4.98% stake in Panacea, hence, this deal stretches the total stake to 10.13%. Panacea has reportedly collaborated with Bharat Biotech for Covaxin production.