Advent International sells 8.9% stake in Cohance Lifesciences for ₹3,094 cr

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Private equity firm Advent International on Thursday divested an 8.92 per cent stake in Cohance Lifesciences for Rs 3,094 crore through an open market transaction.

US-based Advent International, through its arm Jusmiral Holdings, which is also the promoter of Cohance Lifesciences, offloaded 3,41,48,000 shares representing an 8.92 per cent stake in the company, as per the bulk deal data available on the NSE.

The shares were disposed of at an average price of Rs 906 apiece, taking the deal value to Rs 3,093.81 crore.

Hyderabad-based Cohance Lifesciences is engaged in a contract development and manufacturing organisation.

After the stake sale, Jusmiral Holdings' equity stake in Cohance Lifesciences has come down to 24.16 per cent from 33.08 per cent.

At the end of the June quarter, Advent International, through its arm Jusmiral Holdings and Berhyanda Ltd, owned a combined 66.41 per cent stake in the company.

Meanwhile, HDFC Mutual Fund (MF) and SBI MF acquired a little over 64 lakh equity shares or 1.67 per cent stake in Hyderabad-based Cohance Lifesciences.

The combined transaction was valued at around Rs 579.84 crore, and was executed in the price range of Rs 905.71-906 apiece.

Details of the other buyers of Cohance Lifesciences' shares could not be ascertained on the National Stock Exchange (NSE).

In a regulatory filing on Thursday, Cohance Lifesciences said consequent to a sale of 3,41,48,000 shares by Jusmiral Holdings Ltd on September 18.

"Jusmiral Holdings intends for the proceeds of the sale to be utilised, primarily, for the purposes of part payment of the borrowings under the notes purchase agreement, disclosures in respect of which have been made on May 9, 2025, by the entity under Sebi's SAST (Substantial Acquisition of Shares and Takeovers) norms," the filing added.

Shares of Cohance Lifesciences fell 5.85 per cent to close at Rs 909.80 apiece on the NSE.