Cipla, Alkem vie for Rs 4,000 crore stake in India's largest stent manufacturer: Report
Mumbai: Pharmaceutical giants Cipla and Alkem Laboratories are in the final stages of a bidding war to acquire a controlling stake in Sahajanand Medical Technologies (SMT), India's leading cardiac stent manufacturer, reported The Economic Times citing sources.
The deal, valued between Rs 3,500 and Rs 4,000 crore, is expected to conclude with binding offers next week.
This comes after private equity firms KKR, TPG Capital, and Apax Partners withdrew from the competition.
SMT's promoters, the Kotadia family, plan to retain a minority stake of 15-20% post-transaction. Other shareholders are also expected to divest their holdings.
Currently, Morgan Stanley Private Equity Asia and Samara Capital collectively own 49% of SMT, while Kotak Pre-IPO Opportunities Fund holds a 6% stake. The Kotadia family controls the remaining 45%.
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