Ganga Exports, the promoters of Ajanta Pharma (APL) have sold 27 lakh equity shares of the company, representing about 3.07 per cent of APL's equity shares. Consequent to sale promoter holding has come down from 73.78 per cent to 70.71 per cent stake in APL.
This sale by Ganga Exports, a promoter group entity, has been done to provide liquidity to the promoters and the proceeds will be utilized for personal use.
Yogesh M Agrawal, managing director, and also a part of the promoter group, said, “APL is a standout success and we are immensely proud of our company's journey so far. We believe that we have the right business strategy and management team to deliver our growth aspirations. I am excited to continue to steer APL's next phase of growth.
APL scrip declined in the morning session by over Rs.22 to Rs.1,475.65 as against its yesterday's close of Rs.1,497.85. The scrip touched to its yearly peak level at Rs.2,150 on October 28, 2016.
For the full year ended March 2017, Ajanta Pharma's consolidated net sales increased by 11.9 per cent to Rs.1,933 crore from Rs.1,727 crore. Its net profit also moved smartly by 21.9 per cent to Rs.507 crore from Rs.416 crore. Its exports sales grew by 12 per cent to Rs.1,319 crore. Africa contributed Rs.712 crore, Asia contributed Rs.417 crore and US contributed Rs.185 crore. The sales in Asia declined by 10 per cent.
R&D expenditure for the year 2016-17 increased to Rs.153 crore from Rs.106 crore in the previous year. It received 9 ANDA final approvals from US FDA and commercialized 7 products.
Ajanta pharma's promoters
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