PE major TPG exits Sai Life Sciences, sells 14.7% stake for Rs 2,675 Cr

Private equity major TPG has exited Sai Life Sciences after divesting its entire 14.7% 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% 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% stake, in Sai Life Sciences while Goldman Sachs Singapore acquired 11.04 shares, amounting to a 0.53% 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% to close at Rs 854.70 apiece on the NSE.

In June this year, TPG pared a 10% 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% 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% from 7.94%.

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

Shares of Sammaan Capital fell 2.16% to settle at Rs 118.29 apiece on the NSE.