Avigo Capital Partners, an Indian private equity fund manager with a focus on private equity investments in the SME sector in India, today announced the signing of share subscription agreement with Super Religare Laboratories (SRL), a diagnostic services companies in India.
With this deal, Avigo, through Avigo PE Investments Limited (Mauritius), its investment arm, will subscribe to 9.27 per cent of the post investment equity share capital of SRL for an aggregate amount of Rs 100 crore.
As of December 31, 2010, SRL had a network, either directly owned by it or operated through franchisees or joint ventures, consisting of 8 reference laboratories, 7 Centres of Excellence, 181 network laboratories (comprising of 164 pathology and 17 radiology laboratories), 15 wellness centres and 888 collection centres (including 23 abroad).
Sanjeev Chaudhry, CEO, SRL said “We are happy to have Avigo as investment partner with us. This pre IPO deal is testimony to our commitment in providing quality diagnostic services and our endeavor to be one of the leading diagnostic services companies of the country. The quality of our service is the reason why millions of people in the country trust us for our tests.”
SRL has filed a draft red herring prospectus (“DRHP”) with Securities and Exchange Board of India (Sebi) on February 17, 2011 for a public issue of up to 28,000,000 equity shares of face value ' 10/- each (including a private placement of up to 8,000,000 equity shares through a ‘Pre-IPO Placement’) for cash at a premium to be determined through 100% book building process. The document is awaiting clearance from Sebi.
