Shantha Biotechnics founder Vara Prasad Reddy, who found a new partner in Sanofi Pasteur, is planning to dilute a part of his stake in the company.
“I have not yet decided. But if I divest, it will be about 50 per cent of my stake,” he told Business Standard. Sanofi Pasteur has approached Reddy asking him to divest his full stake in Shantha.
Reddy, who founded the company in 1993, has 13.4 per cent in Shantha after Merieux Alliance, through its subsidiary ShanH, picked up a majority stake in the company.
The French company first bought 60 per cent in Shantha in November 2006 from Oman-based financial firms and gradually increased it to 78.85 per cent.
