Suven Pharma gets volatile

about 1 month ago
No Image

Suven Pharma announced today early morning that PE investor, Advent Inetrnational has entered into a definitive agreement to acquire an estimated 51% stake or 12.75 crore shares at a price of Rs.495/share in the company, buying it from the promoters, Jasti family. This pegs the deal value at Rs.6313 crore.

Advent has also launched an open offer to acquire 26% stake at a price of Rs.495/share, which is at a discount to its Friday’s closing price of Rs.498.20. If fully subscribed, this will cost Rs.3275 crore, taking the total value of the deal at Rs.9589 crore.

Post this deal, Jasti Property will hold 9.9% stake while Advent will hold 76.1% stake in Suven Pharma.

Advent is looking at the option of merging the company into its wholly owned portfolio company Cohance Lifesciences.

The stock price is volatile, opening 3% higher at Rs.511, going up further to Rs.520 but soon slipped from there to 485.65 and continues to trade in the red.

Popular Comments

No comment posted for this article.