Serial pharma entrepreneur and Strides group founder Arun Kumar and homegrown private equity firm Ascent Capital, the two key investors in Mysore-based medical devices maker Skanray Technologies, are evaluating options to sell a controlling stake in the firm and unlock value, multiple industry sources with knowledge of the matter told Moneycontrol.
To be sure, the firm which was planning an IPO earlier, was at the epicenter of ventilator supply in India during the peak of COVID-19 and played a key role in the government’s war against the pandemic by ramping up production of ventilator machines in record time in collaboration with BEL ( Bharat Electronics Limited).
“Ascent Capital and entities associated with Arun Kumar including his venture capital and private equity fund Agnus have been invested for a while and are looking to clock healthy returns and are in exit mode. They have given a joint mandate recently to investment bank Rothschild and are open to exploring the sale of a combined stake of around 75-76 percent stake in Skanray Technologies,” said one of the persons cited above.
He added that the proposed deal is likely to be launched by Rothschild later in January and that a final call on the quantum of stake sold by both investors would depend on the level of interest from suitors.