Advent International sells 8.9% stake in Cohance Lifesciences for Rs 3,094 crore

Private equity firm Advent International on Thursday divested an 8.92 per cent stake in Cohance Lifesciences for Rs 3,094 crore through an open market transaction.

US-based Advent International, through its arm Jusmiral Holdings, which is also the promoter of Cohance Lifesciences, offloaded 3,41,48,000 shares representing an 8.92 per cent stake in the company, as per the bulk deal data available on the NSE.The shares were disposed of at an average price of Rs 906 apiece, taking the deal value to Rs 3,093.81 crore.

Hyderabad-based Cohance Lifesciences is engaged in a contract development and manufacturing organisation.After the stake sale, Jusmiral Holdings’ equity stake in Cohance Lifesciences has come down to 24.16 per cent from 33.08 per cent.

At the end of the June quarter, Advent International, through its arm Jusmiral Holdings and Berhyanda Ltd, owned a combined 66.41 per cent stake in the company.Meanwhile, HDFC Mutual Fund (MF) and SBI MF acquired a little over 64 lakh equity shares or 1.67 per cent stake in Hyderabad-based Cohance Lifesciences.The combined transaction was valued at around Rs 579.84 crore, and was executed in the price range of Rs 905.71-906 apiece.