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Sabre Partners to invest Rs 50 cr in Super Religare in pre-IPO deal

Sabre Partners to invest Rs 50 cr in Super Religare in pre-IPO deal
PTI
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First Published: Wed, May 04 2011. 08 14 PM IST
Updated: Wed, May 04 2011. 08 14 PM IST
New Delhi: Private equity fund Sabre Partners on Wednesday said it will pick up stake worth Rs 50 crore in Super Religare Laboratories (SRL) as a pre-IPO placement.
SRL has filed a draft red herring prospectus with market regulator Sebi in February 2011 for a public issue of up to 2.8 crore equity shares of face value Rs 10 each. It is yet to get a clearance from Sebi.
“With this investment, Sabre Partners, through it’s domestic and international ‘Spring Healthcare´ fund will invest an aggregate amount of Rs 50 crore into SRL,” Sabre Partners said in a statement.
The company, however did not disclose the stake it would acquire in the diagnostics firm.
In April 2011 Avigo Capital Partners had picked up a 9.27% stake in a pre-IPO placement in SRL for an aggregate amount of around Rs 100 crore.
Speaking on the occasion, SRL CEO Sanjeev Chaudhry said: “We are delighted to have Sabre as an investment partner who we have known for several years”.
SRL is one of then leading diagnostic services companies in India, offering diagnostic testing, preventive care testing and clinical research trial testing.
In April Fortis Healthcare also received its board approval to acquire the promoters stake in SRL, a move that will bring significant synergy benefits between the companies Fortis and SRL, it said.
Both Fortis Healthcare and SRL are promoted by billionaire brothers -- Malvinder Mohan Singh and Shivinder Mohan Singh.
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First Published: Wed, May 04 2011. 08 14 PM IST