True North poised to divest Rs 640 crore Biocon stake via block deal

True North, a prominent investor in Indian biotechnology, is preparing to exit a significant portion of its holdings in Biocon Limited through a structured block deal, according to market sources. The transaction is expected to involve the sale of 1.7 crore shares at Rs 385 per share, generating gross proceeds of approximately Rs 640 crore.

The proposed share price represents a 2 percent discount to Biocon's current market trading levels, suggesting a negotiated transaction between True North and potential institutional buyers. Such block deals are typically structured to enable large shareholders to execute sizeable transactions with institutional investors while minimizing market disruption.

Biocon, founded by entrepreneur Kiran Mazumdar-Shaw, is one of India's leading biotechnology and pharmaceuticals companies with a diversified portfolio spanning insulin, oncology treatments, immunosuppressants, and biosimilars. The company's shares are actively traded on both the National Stock Exchange and Bombay Stock Exchange.

True North's planned divestment reflects broader trends among investment funds adjusting portfolio compositions amid evolving market dynamics. The transaction, should it proceed as anticipated, would constitute one of the larger block deals in the Indian biotech sector in recent months.