US private equity firm TPG has launched a block deal to sell part stake of around 6% in Sai Life Sciences and raise around $102 million, multiple industry sources in the know told Moneycontrol.
"The deal has been launched and the floor price is Rs 710 per share, a 2.5% discount to the last trading price," one of the persons familiar with the transaction told Moneycontrol.
A second person confirmed the above and added that TPG Asia is the selling entity and IIFL Capital and Jefferies are the advisors on the proposed transaction.
TPG Asia VII SF PTE Ltd holds a 24.73% stake in Sai Life Sciences. Hyderabad-based Sai Life Sciences provides end-to-end services across the drug discovery, development and manufacturing value chain for small molecule new chemical entities (NCE) to global pharmaceutical innovator companies and biotechnology firms. The firm made its market debut in December 2024.
TPG, IIFL Capital and Jefferies couldn't be reached for an immediate comment.
On June 19, Sai Life Sciences shares on BSE closed 1% lower at Rs 730.5 apiece. The 52-week low of the stock is Rs 636 and 52-week high is Rs 808.8. The market capitalisation of the stock is Rs 15,200 crore.
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