Mumbai: General Atlantic has sold an 8.38% stake in Rubicon Research for ₹2,299.61 crore through block deals on the BSE and National Stock Exchange, while institutional investors accumulated shares in the pharmaceutical company.
Stake sale details
General Atlantic Singapore RR Pte Ltd, an affiliate of the US-based investment firm, offloaded 1,38,53,073 equity shares across the two exchanges on Wednesday.
On the BSE, the promoter sold 1,30,09,701 shares in nine tranches, representing a 7.86% stake. It separately disposed of 8,43,372 shares, equivalent to 0.51%, on the NSE.
The shares changed hands at an average price of ₹1,660 apiece, taking the aggregate transaction value to ₹2,299.61 crore.
Promoter holding declines
Following the sale, General Atlantic Singapore RR Pte’s stake in the Mumbai-based drugmaker declined to 27.45% from 35.83%.
The combined holding of Rubicon Research’s promoters and promoter-group entities also fell to 51.38% from 59.76%.
Institutional investors step in
Mutual funds managed by HDFC, Kotak Mahindra, ICICI Prudential, SBI and Axis purchased shares at the same price. PI Opportunities AIF V LLP, an arm of Premji Invest, was also among the buyers.
Foreign investors included Nomura India Investment Fund Mother Fund, VEMF-A LP and TIMF Holdings. Temasek’s Aranda Investments Pte acquired 8.43 lakh shares on the NSE at ₹1,660 each.
Shares gain over 5%
Rubicon Research shares advanced more than 6% during Wednesday’s session before closing at ₹1,814.95 on the BSE. The stock settled 5.81% higher at ₹1,808 on the NSE.
The transaction followed strong quarterly earnings. Rubicon Research’s consolidated net profit surged 95.61% year-on-year to ₹85 crore in the quarter ended June 30, 2026, compared with ₹43 crore a year earlier.
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Consolidated revenue climbed 51.6% to ₹534.3 crore from ₹352.4 crore in the corresponding quarter of the previous financial year.
The deal broadened institutional ownership while leaving General Atlantic as a shareholder in the pharmaceutical formulations developer after divestment.
