New Delhi: Biotechnology major Biocon on Monday concluded sale of 10 percent stake in its research arm Syngene for Rs 380 crore to IVF Trustee Company Private Ltd.
In September, Biocon had announced that Mauritius-based private equity fund Silver Leaf Oak would acquire 10 percent stake in its research services arm Syngene International for Rs 380 crore from Biocon Research Ltd (BRL), a wholly-owned subsidiary of the Bangalore-based firm.
In a filing to the BSE, Biocon said Silver Leaf Oak has "assigned its rights and obligations for acquisition of 10 percent stake in Syngene International Ltd to IVF Trustee Company Pvt Ltd".
Both Silver Leaf Oak and IVF Trustee Company are investment vehicles advised by India Value Fund Advisors (IVF).
"Biocon Research Ltd, a wholly owned subsidiary of the Company has concluded such sale to IVF. Post conclusion of the above, Biocon and BRL jointly hold 85.54 percent stake in Syngene," the filing added.
The deal had put the entire valuation of Syngene International Ltd, a wholly-owned subsidiary of Biocon Ltd, at Rs 3,800 crore.
Shares of Biocon Ltd today closed at Rs 419.90 per scrip on BSE, up 1.10 percent from its pevious close.
