PE major TPG exits Sai Life Sciences, sells 14.7 pc stake for Rs 2,675 cr

New Delhi, Aug 26 (PTI) Private equity major TPG on Tuesday exited Sai Life Sciences after divesting its entire 14.7 per cent stake in the pharmaceutical company for Rs 2,675 crore through open market transactions.

US-based TPG through its affiliate -- TPG Asia VII SF Pte Ltd -- offloaded a little over 3.07 crore equity shares in three tranches representing a 14.72 per cent stake in Hyderabad-based Sai Life Sciences, as per the bulk deal data available on the NSE.

The transaction was value around Rs 2,675.64 crore, shares were executed in the price range of Rs 871.01-871.86 apiece.

Meanwhile, Paris-based Societe Generale bought 14.06 lakh shares, or 0.67 per cent stake, in Sai Life Sciences while Goldman Sachs Singapore acquired 11.04 shares, amounting to a 0.53 per cent holding in the pharmaceutical company.

The shares were picked up in the price range of Rs 871-871.05 per piece, taking the combined deal value to Rs 218.71 crore.

Details of the other buyers of Sai Life Sciences' shares could not be ascertained on the exchange.

Shares of Sai Life Sciences plunged 5.76 per cent to close at Rs 854.70 apiece on the NSE.

In June this year, TPG pared a 10 per cent stake in Sai Life Sciences for Rs 1,505 crore.

In a separate bulk deal on the NSE, Plutus Wealth Management bought an additional 42.50 lakh equity shares or 0.51 per cent stake in Sammaan Capital for Rs 51 crore through an open market transaction.

The shares were acquired at an average price of Rs 119.69 apiece, taking the deal value to Rs 50.87 crore.

After the latest transaction, Plutus Wealth Management's holding in Sammaan Capital rose to 8.45 per cent from 7.94 per cent.

Details of the sellers of Sammaan Capital's shares could not be identified on the bourse.

Shares of Sammaan Capital fell 2.16 per cent to settle at Rs 118.29 apiece on the NSE. PTI HG TRB