Private equity investors Blackstone and Advent International are in separate talks to buy a controlling stake in Suven Pharmaceuticals, Livemint reported on November 4, citing people with knowledge of the development.
Moneycontrol was first to break the news on September 7 that promoters of Suven Pharma are evaluating options to sell a stake in the company and have hired an investment bank for an advisory role.
“The sale process has been going on for a few months, and now Blackstone and Advent are in the final round of bidding for the controlling stake in Suven Pharma," two unidentified sources told Livemint.
Promoters own a 60 percent stake in Suven Pharma, which has a market value of Rs 6,378 crore.
The sale of at least half of their shareholding will put the deal size at more than Rs 3,000 crore, followed by a 26 percent open offer which, if successful, could see the eventual buyer spend an additional Rs 1,600-1,700 crore, the report said.
Moneycontrol had earlier reported on the promoter group exploring sale plans for Suven Pharmaceuticals prior to its listing on the bourses on February 12, 2020.
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