The plan to sell a stake in Cipla is facing a hurdle as its promoters have differing views on the company's valuation.
This could delay the deal until a consensus is reached, according to unnamed sources cited by ET Now.
Cipla's promoters own around 33 per cent of the shares, but some family members are looking to sell some or all of their stakes in the company. The group holding 8 per cent in the firm has divergent thinking on some issues.
If a sale goes ahead, an open offer for an additional 26 per cent of the company would be triggered. As of mid-September, Cipla had a market value of around INR1tn ($13.1bn).
The possible sale of a stake in Cipla Ltd. is facing uncertainty as potential buyers have expressed reluctance regarding the $13.1 billion valuation that the founding family members are aiming for in the deal.
The founding family members are open to selling their total holding in the company, which is valued at Rs 33,389 crore ($4.02 billion).
If the sale goes through, the buyer could end up owning as much as 59.4 per cent of Cipla.
Shares of Cipla were down 0.29 per cent at 3:30 pm or the day's closing on the BSE at Rs 1,159.65 rupees apiece.
Cipla was founded in 1935 in Mumbai and gained recognition by introducing affordable, generic HIV medications in Africa in the early 2000s.
Earlier it was reported that Torrent Pharmaceuticals was in advanced talks to buy off Cipla's promoter stake. Cipla's high valuation, however, has been a bone of contention among potential buyers ever since promoter stake was made available.
