Laurus Lab promoters sell 70 lakh shares

Laurus Labs founder and CEO Satyanarayana Chava on Thursday sold 52 lakh equity shares of the company in the stock market at an average price of ₹368.59 per share, aggregating to ₹191.67 crore. His wife Nagarani Chava, one of the promoters, sold 18 lakh shares at an average price of ₹366.91 per share, for an aggregate value of ₹66.04 crore. Together, this represented 1.3% of the paid up capital. A significant part of the proceeds is to be utilised to release pledge on their equity shares. They had purchased around 3% of the then paid up capital in 2018, a release from Laurus Labs said. The share closed with a gain of 1.03% at ₹368.35 apiece.