Indian stent maker giant SMT to sell 30 percent stake for Rs 1100 crores
Part of the funds raised from the stake sale will be used for clinical trials in the US and for building a Rs 250 crore manufacturing plant in Hyderabad.;
Mumbai: The promoters of Sahajanand Medical Technologies (SMT) and investors Samara Capital and Morgan Stanley Private Equity Asia is likely to sell a 30 percent stake in the country's largest cardiac stent maker for about Rs 1100 crore ($100-150 million), reports The Economic Times.
Part of the funds raised from the stake sale will be used for clinical trials in the US and for building a Rs 250 crore manufacturing plant in Hyderabad.
Established in 1998, SMT develops and manufactures cardiac products that are sold in 75 countries. Its portfolio includes coronary stents (drug-eluting and bare-metal), renal stents, angioplasty balloon catheters, and other cardiac accessories.
The two private equity firms, Samara Capital and Morgan Stanley Private Equity Asia will each offer part of their 35percent and 18 percent holdings in the company, respectively, while promoter Dhirajlal Kotadia will sell a portion of the 47 percent promoter stake in the Surat-based company.
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