Global private equity firm Blackstone has decided to quit its 7-year-old investment in Emcure Pharmaceuticals for an undisclosed amount.
The stake has been bought by another PE firm Bain Capital. According to sources, Bain has invested approximately $105 million or R650 crore for a stake of 13.1%.
This deal values the company at approximately R5,000 crore. Blackstone had invested $50 million in Emcure Pharmaceuticals in 2006 for the stake and has received a 100% return on its investment. The stake sale by Blackstone comes soon after Amit Dixit took over as the co-head of private equity investments in India.
Emcure Pharmaceuticals had earlier filed for an IPO with Sebi through which Blackstone was supposed to receive a partial exit. However, the investor initiated talks with other strategic and financial investors given the choppy market conditions.
Emcure is engaged in developing, manufacturing and marketing a broad range of pharmaceutical products globally especially chiral molecules and bio-similars and novel drug delivery systems.