Pharma major Cipla Ltd’s promoters are looking to sell up to 1.72% of the company’s equity, amounting to 1.39 crore shares, through block deals, people in the know told CNBC-TV18.

The offer price for the stake sale is set at ₹1,442 per share, reflecting a 6% discount to the current market price (CMP) of Cipla shares, sources close to the development said. The total size of the transaction is estimated at ₹2,000 crore, said people familiar with the matter.

Cipla reported a 15% year-on-year jump in net profit at ₹1,303 crore, which was higher than CNBC-TV18’s poll of ₹1,250 crore. The company posted a profit of ₹1,131 crore in the same period a year ago.

Also Read: Cipla gets eight observations after FDA inspection at Bengaluru plant
Cipla’s topline was in line with estimates of ₹7,041.6 crore. The company’s revenue from operations came in at ₹7,051 crore in the quarter under review, up from ₹6,678 crore in the second quarter of FY24. It was higher by 5% on a YoY basis.

For the quarter, Cipla’s EBITDA, which shows the profit, including interest, tax, depreciation, and amortisation, rose 8.7% YoY to ₹1,885.5 crore. The same was ₹1,733.8 crore in the year-ago quarter. EBITDA margin stood at 27%, higher than CNBC-TV18’s poll of 26%.

Cipla reported North America sales of $237 million, up 4% year-on-year, supported by traction in the differentiated portfolio, during the July-September period.

Also Read: Cipla shares jump 10% after USFDA paves the way for an important drug launch

Cipla’s India business grew 5% on-year, while the Branded Prescription business continued to outpace the market in key chronic therapies. The consumer health business grew by 21% YoY.

Shares of Cipla Ltd ended at ₹1,529.90, up by ₹37.05, or 2.48% on the BSE.