 "Biocon completes 10% stake sale in Syngene")
In September, Biocon had announced that Mauritius-based private equity fund Silver Leaf Oak would acquire 10% stake in its research services arm Syngene International for Rs 380 crore from Biocon Research Ltd (BRL), a wholly-owned subsidiary of the Bangalore-based firm.
In a filing to the BSE, Biocon said Silver Leaf Oak has "assigned its rights and obligations for acquisition of 10% stake in Syngene International Ltd to IVF Trustee Company Pvt Ltd".
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Both Silver Leaf Oak and IVF Trustee Company are investment vehicles advised by India Value Fund Advisors (IVF).
"Biocon Research Ltd, a wholly owned subsidiary of the Company has concluded such sale to IVF. Post conclusion of the above, Biocon and BRL jointly hold 85.54% stake in Syngene," the filing added.
The deal had put the entire valuation of Syngene International Ltd, a wholly-owned subsidiary of Biocon Ltd, at Rs 3,800 crore.
Shares of Biocon Ltd today closed at Rs 419.90 per scrip on BSE, up 1.10% from its pevious close.