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.
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