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Avigo Capital Buying Stake in Super Religare Laboratories

Buyout shop Avigo Capital Partners will pay 1 billion rupees ($22.5 million) for a 9.27% stake in Super Religare Laboratories, Reuters reported. The agreement is part of SRL’s plan to raise 1.6 billion rupees via a pre-IPO private placement of 8 million shares, it said.

(Reuters) – Private equity firm Avigo Capital Partners said on Monday it has signed a share purchase agreement to buy 9.27 percent equity in Super Religare Laboratories Ltd (SRL) for 1 billion rupees.

SRL, founded by billionaire brothers Malvinder and Shivinder Singh who also control Fortis Healthcare (India), is looking to issue 28 million equity shares at a face value of 10 rupees each through an initial public offering (IPO).

The agreement is part of SRL’s plan to raise 1.6 billion rupees via a pre-IPO private placement of 8 million shares, it said.

on April 14, Fortis Healthcare had said it would buy 86 percent in SRL for an undisclosed sum in a bid to expand its business verticals.

Last year, SRL had acquired diagnostics business of Piramal Healthcare for 6 billion rupees.

(Reporting by Kaustubh Kulkarni; Editing by Rajesh Pandathil)