MUMBAI: Billionaire Dilip Shanghvi of Sun Pharma has bought 3.8 per cent stake in Unichem Laboratories through his firms Alrox Investment, Family Investment and Airborn Investment, data on the shareholding pattern of Unichem showed.
As on March 31, 2018, Alrox Investment and Finance held 1.42 per cent, while Family Investment and Airborn Investment and Finance held 1.28 per cent and 1.02 per cent stake, respectively. Shanghvi has made similar kind of investments in companies like Natco Pharma, Bio-Light Life Sciences and Suzlon in his personal capacity in the last few years. Shanghvi received nearly Rs 1,450 crore in dividends in the last five years from his Sun Pharma.
In response to an email query on the matter, a company spokesperson said Sun Pharma promoters have not bought any stake in Unichem Labs in the last few months, but disclosed the old investments to the stock exchanges as per the new Sebi guidelines of December 2017. “Because of the change in the Sebi regulation, the investment by each of these three companies lying in various demat accounts got consolidated and are therefore reflecting in the shareholding pattern of Unichem Labs.”
As per the new Sebi guidelines circulated in December 2017, the shareholding of the promoter and promoter group, public shareholder and non-public non-promoter shareholder is to be consolidated on the basis of the PAN and folio numbers to avoid multiple disclosures of shareholding.
Unichem shares have declined 18 per cent so far this year and closed at Rs 271 on Wednesday. Analysts value the stock at Rs 355 based on its cash and value of the core business. They, however, point out that cash utilisation by the management, which is an upside risk to the valuation, will be crucial.
Unichem, promoted by pharma veteran Prakash Amrut Mody, sold its domestic business to Ahmedabadbased Torrent Pharma last December. After the sale, Unichem was left mainly with the international business, which includes formulation plants in Goa, Ghaziabad and API facility at Roha, Kolhapur and Pitampur (MP) and an R&D centre in Goa.
Unichem bought back 2.06 crore of shares or 22.65 per cent of paid-up equity at Rs 430 a share last month. The buyback cost Rs 890 crore of the net gains of Rs 2,560 crore from the sale of its domestic business. Part of the remaining Rs 1,680 crore of cash would be used to strengthen the international business and CRAMS and investments in R&D, NCE and biological products, according to the company.