Carlyle, Advent to submit bids for minority stake in India's Mankind Pharma

Mankind Pharma chairman Ramesh Juneja. Photo: Mint

Private equity funds Carlyle Group and Advent International are poised to submit binding offers to buy a minority stake in Mankind Pharma Ltd, according to two people familiar with the matter.

The bids will value the maker of Manforce condoms and pregnancy test kit PregaNews in the range of $3.2-3.4 billion, said the first person on condition of anonymity. The PE funds are in discussions to acquire about 15-20% stake in the company, the second person mentioned above said, requesting anonymity. Investment bank Moelis & Co. is advising Mankind on the transaction.

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