Warburg Pincus, which invested in Laurus Labs through its affiliate Bluewater Investment Ltd, sold 12.48 million shares in the company at Rs 506.07 apiece on Monday, according to bulk deals data available on the Bombay Stock Exchange (BSE).
According to the data, BNP Paribas Arbitrage acquired 1.5 million shares of the Indian drugmaker at Rs 504.25 apiece on the same day, while Government Pension Fund Global lapped up 9.41 lakh shares at Rs 504 apiece.
Warburg Pincus had acquired a minority stake in Laurus Labs for about Rs 550 crore in October 2014, marking its first investment in the country’s pharmaceuticals industry. Early investors, Fidelity Growth Partners India and Fidelity Biosciences, had partially exited the drugmaker in that transaction.
In May, the US private equity firm had sold about 8 per cent stake worth approximately $49.67 million in Laurus Labs through open market transactions, after previously divesting shares during the company’s initial public offering (IPO) in December 2016.
Laurus is a manufacturer of APIs for anti-retroviral (ARV), oncology, cardiovascular and anti-diabetic therapeutic segments. The firm also has a presence in nutraceuticals and several other products with a customer base that includes several generic pharmaceutical companies in India and abroad. It also has a contract manufacturing business catering to several generic and global pharmaceutical companies.
The company is led by its founder and CEO Satyanarayana Chava. It reported a 155.1 per cent year-on-year growth in consolidated profit at Rs 110.15 crore and 32.1 per cent rise in revenue at Rs 839.14 crore in the quarter ended March 2020.
Meanwhile, Warburg Pincus, which manages assets of over $62 billion across the world, continues to eye investments in India.
In February, the PE fund had said that it was investing $150 million in Gurugram-headquartered Apollo Tyres Ltd. Its other investments in India include SBI General Insurance Co. Ltd, local insurer IndiaFirst, retail real estate platform Virgo Retail Ventures, and education financing provider Avanse Financial Services.
Last November, Reuters had reported that Warburg was looking to raise up to $1.5 billion for its first fund targeting deals in India. The PE firm generally invests across geographies through a single global fund.