Blackstone to sell Emcure stake to Bain Capital

The private equity major had invested about $50 million in Emcure in 2006, for buying 13% stake

Private equity (PE) firm Blackstone will sell its stake in Pune-based Emcure Pharmaceuticals to Bain Capital.

IMS Health India ranked Emcure as the 14th largest by market share in India in a March report. Though the financial details were not disclosed, sources said the stake would fetch about $100 million, twice of what Blackstone had paid for it. In 2006, the PE firm took 13 per cent in the company for about $50 million.

Emcure had filed its first draft red herring prospectus with market regulator Securities and Exchange Board of India to raise Rs 600 crore in June this year.
 

Second exit
This is Blackstone’s second exit from its Indian portfolio after it sold its stake Intelenet, a business process outsourcing firm, to UK’s Serco group in 2011.

“The transaction is subject to conditions under contract and law, including approvals such as from the Foreign Investment Promotion Board,” the PE firm said.