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Sabre Partners to buy stake in Super Religare Labs

Sabre Partners to buy stake in Super Religare Labs
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First Published: Thu, May 05 2011. 02 34 PM IST
Updated: Thu, May 05 2011. 02 34 PM IST
New Delhi: Private equity firm Sabre Partners said on Thursday it has signed a share purchase agreement to buy a stake in Super Religare Laboratories Ltd (SRL) for Rs 50 crore ahead of a planned IPO of the diagnostic chain.
It did not specify the quantum of stake purchased, but a source with knowledge of the deal said it was about 4%.
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 Rs 10 each through an initial public offering (IPO).
The agreement with Sabre is part of SRL’s plan to raise funds through pre-IPO private placement and is the second sale after private equity firm Avigo Capital Partners agreed last month to buy 9.27% equity in the diagnostic chain for 1 billion rupees.
SRL plans to raise Rs 160 crore via pre-IPO private placements of 8 million shares.
Fortis Healthcare last month said its board has approved acquisition of 86% in SRL based on valuation for Avigo Capital deal.
Last year, SRL had acquired diagnostics business of Piramal Healthcare for Rs 600 crore.
REUTERS
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First Published: Thu, May 05 2011. 02 34 PM IST