Mumbai: Private equity firm Avigo Capital Partners said on Monday it has signed a share purchase agreement to buy 9.27% equity in Super Religare Laboratories Ltd (SRL) for Rs100 crore.
SRL, founded by billionaire brothers Malvinder and Shivinder Singh who also control Fortis Healthcare (India), is looking to issue 28 million equity shares at a face value of Rs10 each through an initial public offering (IPO).
The agreement is part of SRL’s plan to raise Rs160 crore via a pre-IPO private placement of 8 million shares, it said.
On 14 April, Fortis Healthcare had said it would buy 86% in SRL for an undisclosed sum in a bid to expand its business verticals.
Last year, SRL had acquired diagnostics business of Piramal Healthcare for Rs600 crore.