Serum Institute buys 3 lakh shares of Panacea for Rs 3.7 cr

MUMBAI: Vaccine firm Serum Institute of India today purchased about three lakh shares of Panacea Biotec for Rs 3.71 crore through open market transaction.

Serum Institute, which is a shareholder in Panacea Biotec, acquired 3,08,416 shares of the pharmaceutical firm, bulk deal data on the stock exchanges showed.

Shares were acquired at an average price of Rs 120.49 apiece, valuing the deal at Rs 3.71 crore.

At the end of December quarter, Serum Institute held nearly 82 lakh shares of Panacea Biotec representing 13.39 per cent stake in the company.

On the BSE, shares of Panacea Biotec climbed 13.28 per cent to close at Rs 130.10 apiece.