BENGALURU, May 14 (Reuters) - Cipla's promoter

group is looking to sell a 2.53% stake in India's third-largest

drugmaker via a block deal worth 26.37 billion rupees (nearly

$316 million), CNBC-TV18 reported on Tuesday, citing sources.

The promoter group will sell its stake in Cipla at a

per-share price range of 1,289.5 rupees to 1,357.35 rupees, the

report said.

The price range of the proposed stake sale means it will be

sold at no more than the value of the stock's last closing

price, which was 4% lower, at 1,357.35 rupees.

Cipla did not immediately respond to a Reuters request for

comment.

The company, with a market capitalisation of over $13

billion, is known for making the anti-allergy drug Cetirizine.

Local news media first reported in July 2023 that Cipla's

top shareholders were in talks to sell a part of their stake in

the company to private equity funds such as Blackstone

and Baring Asia.

India's Torrent Pharmaceuticals was in talks with

Apollo Global Management ( APO ) to borrow up to $1 billion for

a bid to buy a stake in Cipla, Reuters reported last September.

The stake sale plan faced hurdles at the time as the

promoters were not in agreement about the common valuation, ET

Now had reported.

($1 = 83.4660 Indian rupees)