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Laurus Lab promoters sell 7 million shares

Satya Narayan Chav, founder and CEO of Laurus Labs, sold an average price of 52 lakh equity shares of the company in the stock market on Thursday at ₹ 361.59 per share, which is ₹ 191.67 crore. One of the promoters, his wife Nagrani Chav, sold 18 lakh shares at an average price of ₹ 366.91 per share for a total value of ₹ 66.04 crore. Together, it represents 1.3% of paid-up capital. A significant portion of the proceeds are to be used to issue pledges on their equity shares. He bought about 3% of the then paid-up capital in 2018, Laurus Labs said. The stock closed at 368.35 apiece, up 1.03%.

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