Bain Capital sells 2.4 pc stake in Emcure Pharma for Rs 563 cr

New Delhi, Jul 4 (PTI) Global investment firm Bain Capital on Friday divested a 2.4 per cent stake in Emcure Pharmaceuticals for Rs 563 crore through an open market transaction.

Following the stake sale, shares of Emcure Pharmaceuticals slipped 2.34 per cent to close at Rs 1,249.90 apiece on the NSE.

US-based Bain Capital through its BC Investments IV sold 45 lakh shares or 2.37 per cent stake in Emcure Pharmaceuticals, as per the bulk deal data on the National Stock Exchange (NSE).

The shares were disposed of at an average price of Rs 1,250.44 apiece, taking the transaction value to Rs 562.70 crore.

After the latest transaction, Bain Capital's shareholding in Emcure has come down to 6.31 per cent from 8.68 per cent.

Details of the buyers of Emcure Pharmaceuticals' shares could not be ascertained on the exchange.

In May, Emcure reported a 63 per cent rise in consolidated profit after tax (PAT) to Rs 197 crore during the March quarter.

It reported a PAT of Rs 121 crore on a consolidated basis a year ago.

During the January-March period, Emcure Pharmaceuticals' revenue from operations stood at Rs 2,116 crore, up 19.5 per cent year-on-year from Rs 1,771 crore.

Emcure's domestic business grew 24.8 per cent year-on-year, led by its women's health and cardio franchises. Meanwhile, the international business registered a growth of 15.6 per cent.

In July last year, Emcure's IPO received a stellar response from institutional buyers by garnering 67.87 times subscription.

Pune-based Emcure Pharmceuticals is engaged in developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. PTI HG HVA