Mumbai: Private equity fund Avigo Capital Partners on Monday said it has picked up a 9.27% stake in a pre-IPO placement in Super Religare Laboratories (SRL) for an aggregate amount of around Rs 100 crore.
Avigo has signed a share subscription agreement with SRL under which it will subscribe to 9.27% of the post investment equity share capital of SRL for an aggregate amount of Rs 100-crore through its investment arm, Avigo PE Investments Ltd (Mauritius), a press release issued here said.
SRL had on 17 February filed a draft red herring prospectus with capital market regulator Sebi to come out with an initial public offering (IPO) of 2.8 crore equity shares through the 100% book-building process. It is yet to get a clearance from Sebi.
SRL has a network of eight reference laboratories, seven Centres of Excellence, 181 network laboratories, 15 wellness centres and 888 collection centres, and as of the nine-month period ended 31 December, 2010, had served 4.20 million customers, aggregating 33,000 tests per day.