TPG Exits Sai Life Sciences with INR 2,675 Cr Stake Sale This exit comes just months after TPG sold a 10 percent stake in Sai Life Sciences for INR 1,505 crore in June this year.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Private equity firm TPG has exited its investment in Sai Life Sciences after selling its entire 14.7 percent stake in the pharmaceutical company.
The stake was valued at about INR 2,675 crore and was offloaded through open market transactions, according to bulk deal data available on the National Stock Exchange.
TPG, acting through its affiliate TPG Asia VII SF Pte Ltd, sold over 3.07 crore shares in three tranches. The shares were executed in the price range of INR 871.01 to INR 871.86 apiece. Following the sale, shares of Hyderabad-based Sai Life Sciences fell 5.76 percent to close at INR 854.70 on the exchange.
Meanwhile, institutional investors picked up smaller stakes in the company. Societe Generale bought 14.06 lakh shares, representing a 0.67 percent stake, while Goldman Sachs Singapore acquired 11.04 lakh shares or 0.53 percent. The combined deal was valued at about INR 218.71 crore, with shares purchased in the range of INR 871 to INR 871.05 each. The identities of other buyers of Sai Life Sciences' shares were not disclosed by the exchange.
This exit comes just months after TPG sold a 10 percent stake in Sai Life Sciences for INR 1,505 crore in June this year.
In a separate bulk deal, Plutus Wealth Management increased its holding in Sammaan Capital. The firm bought 42.50 lakh shares, amounting to a 0.51 percent stake, for around INR 51 crore through open market transactions. The shares were purchased at an average price of INR 119.69 apiece.
Following this acquisition, Plutus Wealth Management's stake in Sammaan Capital has risen to 8.45 percent from 7.94 percent. Shares of Sammaan Capital closed 2.16 percent lower at INR 118.29 on the exchange.
