Glentec International has sold 1.43 per cent of Biocon Limited through an open market block deal on December 28 fetching around Rs 70 crore (Rs 700 million) based on average of Rs 500 per share.
Glentec International (previously known as Rosemonts Investments Ltd), a company incorporated in Mauritius, is an investment company owned 99 per cent by John Shaw and 1 per cent by Prof Ravi Mazumdar.
The principal activity of the company is to hold investments in biotechnology and other high-technology driven companies and property in India, Europe and North America. The company is also engaged in consultancy in finance and biotechnology areas.
John Shaw is the husband of Kiran Mazumdar Shaw chairman and managing director of Biocon.
As of September 30, the company owned 24.20 per cent in Biocon. Now after selling 14,32,403 shares aggregating to 1.43 per cent of the total paid up capital it stands at 22,767,597 shares aggregating to 22.77 per cent.
It is learnt Glentec International sold it to a quality investor thereby improving the liquidity of the company.
Association of Glentec International with Biocon dates back to June 1999 when it acquired the entire shareholding of Unilever in BCZ, BQIL and Biocon.
In March 2000, Biocon acquired the entire shareholding of BioChemizyme India now merged with Biocon, Biocon Quest India, now called Biocon Bioproducts India and Helix Biotech Limited, now merged with Biocon from Glentec International, Kiran Mazumdar-Shaw and others in exchange for issue of shares by Biocon.
Glentec International then acquired a majority stake (approx 64 per cent) in Syngene as part of a fresh issue of shares.