Delisting offer is pursuant to the approaching deadline to meet minimum public listing norms by June end; the German healthcare firm currently owns 81% in the Indian arm.
The firm, backed by Sequoia Capital and MPM Capital, is targeting revenues of $100 million by 2017 and may launch an IPO around that time.
The Bangalore-based biotechnology company earlier received funding from VenturEast.
Chennai-based Shield is also in discussion for possible partnerships with Italian and American firms.
Carlyle, which holds 11.14% stake in the company, is sitting on 50% gains on its seven-year-old investment.
The apex court dealt a blow to Western drugmakers on April 1 when it threw out Novartis' bid to win patent protection for cancer drug Glivec.
The three-decade-old company, which planned to raise Rs 425cr in fresh capital apart from a secondary sale last year, is expected to list in Q3 FY14.
The PE firm has backed several companies in the pharma sector such as Intas, Zydus Cadila, Mankind and Eris Lifesciences.
The conversion was at 12 per cent premium to the market price.
The chemical engineer was one of the first pharma entrepreneurs who pioneered basic drug research in India.
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