BackSabre Partners to invest ₹50 cr in Super Religare in pre-IPO deal
Sabre Partners to invest ₹50 cr in Super Religare in pre-IPO deal
Premium
New Delhi: Private equity fund Sabre Partners on Wednesday said it will pick up stake worth ₹ 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 ₹ 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 ₹ 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 ₹ 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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
