Nippon India MF, BlackRock, others buy 10% stake in Sai Life for ₹1,505 cr

Nippon India Mutual Fund, BlackRock, Societe Generale, Morgan Stanley and others on Friday collectively bought a 10 per cent stake in Sai Life Sciences from US-based asset manager TPG for Rs 1,505 crore through open market transactions.

Besides, Axis Mutual Fund (MF), Aditya Birla Sun Life MF, Invesco MF, Norway's Government Pension Fund Global, German multinational Allianz's arm Pimco, Axis Max Life Insurance, HDFC MF, Ghisallo Master Fund LP, UTI MF, DSP MF were among the buyers of Sai Life Sciences shares.

These entities picked up more than 2.08 crore equity shares or 10 per cent stake in Hyderabad-based Sai Life Sciences, as per the block deal data on the BSE.

The transaction, valued at around Rs 1,504.75 crore, was executed at an average price of Rs 722 apiece.

Meanwhile, Nippon India MF picked up 49.86 lakh shares or 2.39 per cent holding in Sai Life Sciences. After the stake buy, Nippon India MF's stake in the company rose to 4.88 per cent from 2.48 per cent.

Meanwhile, global asset manager TPG through its affiliate TPG Asia VII SF offloaded the equal number of shares in 25 tranches at the same price.

Following the stake sale, TPG's holding in Sai Life Sciences declined to 14.73 per cent from 24.73 per cent.

Shares of Sai Life Sciences rose 5.03 per cent to close at Rs 765.85 apiece on the BSE.

In December last year, Sai Life Sciences raised Rs 3,043 crore through its initial public offering and the shares of the company made a stellar debut on the bourses.

Sai Life Sciences provides end-to-end services across the drug discovery, development and manufacturing value chain for small molecule new chemical entities (NCE) to global pharmaceutical innovator companies and biotechnology firms.