Private equity (PE) major General Atlantic has exited its decade-old investment in Jubilant Life Sciences by selling close to 6% stake for around Rs 145 crore via open market transactions over the past month.
On May 5, General Atlantic sold 5.49% stake at Rs 150 per share aggregating to around Rs 131 crore. Earlier, on April 7, General Atlantic had offloaded 0.5% stake for nearly Rs 14 crore at approximately Rs 173 per share.
In 2005, General Atlantic had invested around Rs 240 crore in Jubilant Life Sciences to fund the pharma company’s growth and acquisition plans. The pe firm had exited its holding in Jubilant Industries at the time of the company’s demerger from Jubilant Life Sciences, formerly known as Jubilant Organosys, but had stayed invested in Jubilant Life Sciences.
In FY14, Jubilant Life Sciences posted revenues worth Rs 3672.79 crore. The company’s net profit in FY14 was Rs 0.82 crore against a loss of Rs 43.32 crore in FY13.
General Atlantic, which set up shop in India in 2002, had has since invested over $1 billion in India. The firm’s investment portfolio includes companies like Citius Tech, AND, NSE and Mu Sigma.
“General Atlantic’s initial efforts in India focused on assisting our portfolio companies with expansion in this region.
General Atlantic is focused on providing growth capital for business targeting the rising consumption of the Indian population across industries, including financial services, healthcare and communications”, General Atlantic said.
General Atlantic has global assets under management to the tune of $20 billion.